As a result, and also thanks to the reduction in interest payments, fiscal deficits are now in almost all countries below 3% of GDP (see slide 8, chart on the right). 8 / 16  BIS central bankers' speeches  Slide 8 Beyond fiscal deficits, the level of public and private debt has also posed concerns in some countries.
Inflation forecasts at that time used the futures prices of oil, gas and other energy and raw materials, but these did not keep up with the widening consequences of Russia’s war in Ukraine and the subsequent sanctions.