In light of a further decline in inflationary pressures, the downward tendency in inflation expectations is likely to continue this year.
Chart 15 One-year ahead expected and targeted inflation (in %)  Chart 16 World prices of primary commodities (2010=100)  10  190  9  170  8 7 6  150 7.0  130  6.0  110  5  90  4  70  3  50  2 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2010 2011 2012 Financial sector (Gallup and Strategic Agency) Financial sector (Thomson Reuters Agency) Financial sector (Bloomberg) Financial sector (IPSOS) Targeted inflation Tolerance band  30 12 2 4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10 12 2007 2008 2009 2010 2011 Ural oil prices Corn prices Wheat prices Copper prices  A decline in year-on-year inflation will be pronounced in the first months of 2012 as high price hikes from early 2011 drop out of its calculation.