With respect to the Bank’s outlook for inflation for this year and a reasonable period ahead, both domestic and global inflation is expected to abate, as a result of lower economic activity and subdued demand. Commodity prices, including the cost of oil, are likely to be low, and world inflation is forecast to decrease from 6.4 percent in 2008 to 3.1 percent in 2009.
For example, according to the New York Fed's Survey of Consumer Expectations, in May 2022, US households were expecting an inflation rate of 4.8 % three years from now. Before picking up strongly at the end of 2020, this figure stood at slightly above 3 % for some years.