The expectations of households, as suggested by the ECB survey, display slightly higher values: 5 per cent by the end of 2023 and 3 per cent over a 3-year horizon.
The Bank’s view on recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on August 13 as the basis of monetary policy decisions. 1  BIS Review 89/1999  unlikely for the time being even though the economy has stopped deteriorating, and wages continue to decline. Thus, downward pressure on prices is expected to remain.