Regarding developments in medium- to long-term inflation expectations, a number of indicators have deteriorated since the summer of 2014. This deterioration seems to have been affected by the decline in the CPI caused by weakness in domestic demand and the decline in crude oil prices.
3  S. Cecchetti, F. Natoli and L. Sigalotti, “Tail comovement in option-implied inflation expectations as an indicator of anchoring”, Banca d’Italia, Temi di discussione (Working Papers), 1025, 2015; F. Busetti, G. Ferrero, A. Gerali and A. Locarno, “Deflationary shocks and de-anchoring of inflation expectations”, Banca d’Italia, Questioni di economia e finanza (Occasional Papers), 252, 2014. BIS central bankers’ speeches  1  5.