The average inflation outlook for “all firms, all industries” is 1.4 percent for one year, 1.6 percent for three years, and 1.7 percent for five years ahead, and shows a rising trend as the projection period increases from one to five years ahead (Chart 7). I will now elaborate on three observations on these results.
•  First, the four-group classification reveals that the differences in the projected inflation level are greater between large and small firms than between manufacturing and nonmanufacturing.