16  Figure 13 MPR Corridor (*) (promedio trimestral, porcentaje)  24.II  24.I  23.IV  23.III  23.II  22.IV  23.I  12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0  22.III  22.II  22.I  21.IV  21.II  21.I  21.III  Corredor Jun.22 FTS EES Mar.22 corridor MPR Forward MPR Jun.22 MP meeting  12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0  (*) The corridor is constructed following the methodology in boxes V.1 of March 2020 MP Report and V.3 of March 2022 MP Report. It includes the May Economic Expectations Survey (EES) and the June Financial Traders Survey (FTS) previous to the MP meeting, plus the average smoothed forward curve for the quarter ended on 1 June. This is calculated by extracting the implicit MPR considering the forward curve over the overnight swap curve of up to 2 years, discounting the fixed rates of each maturity to the simple accrual of the overnight index swap (OIS). For the current quarter, the surveys and the forward curve consider the average of daily effective data and are completed with the respective sources  Source: Central Bank of Chile.
The inflation accumulated between March and April —3.3 percentage points— was significantly more than we projected in the March Report. When broken down, the surprise shows that over 90% of it came from higher-thanexpected increases in the prices of foods, energy, and other volatile components (figure 2). Inflation expectations two years out are still above 3% annually, although the biggest increases are seen in the shorter-term measures. At one year, the median of the surveys to economists (EES) and financial specialists (FTS) place inflation at 6.2% and 6.8%, respectively, which compare with 5.3% and 7.4% last Mach. For the end of the monetary policy horizon, prospects show no big changes with respect to the March Report, remaining above 3%. The expectations implicit in financial asset prices have also risen further, but these increases have been concentrated on the one-year horizon. The inflation expectations of businesses have also increased. Both the Central Bank's Survey of Price Determinants and Expectations (EDEP) and the IMCE indicate that firms expect inflation to be close to 8% in a year's time. Moreover, almost 80% of the firms surveyed under the May Business Perceptions Report expect inflation to be well above what is considered to be normal over the next twelve months. (figure 3). Data for early 2022 show that the economy has already entered an adjustment phase, with a slight decline from the high levels it reached last year.