5  Data are from the Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters. 6  The sample of foreign advanced economies consists of the euro area, Japan, and the United Kingdom. The sample of emerging-market economies consists of Brazil, China, Korea, and Mexico. Long-horizon forecasts refer to six-year- to tenyear-ahead forecasts from the April and October surveys of Consensus Economics.
At its peak, this one component of the CPI basket was adding a 7  The normal policy horizon for returning CPI inflation to target is six to eight quarters, but there is flexibility built into the inflation-control framework to adjust the horizon as other considerations warrant, namely financial stability and output variability. Renewal of the Inflation-Control Target: Background Information—October 2016, Bank of Canada.