This is confirmed for the United States and the euro area by economic forecaster data on long-term inflation expectations (Chart 2).
On the other hand, long-term inflation expectations have exceeded the target for over five years in the United Kingdom because of various factors including exchange rate depreciation, energy price increases, a hike in the valueadded tax, and rises in various administered and regulated prices. However, its inflation expectations have started to fall recently since the highlighted effects have dissipated.