Inflation in Israel has been below the inflation target for over two years now and inflation expectations at short horizons have followed actual inflation to below the target. The low inflation outturns are the result of sharp, negative external and domestic price level shocks, including the...

Using simple statistical methods, this note examines the relationship between expected and actual inflation and the importance of inflation expectations in driving actual inflation in Asia. We find that, in Asia, short-term inflation expectations tend to co-move among economies while...

This paper summarises ongoing work that investigates the pass-through from shorthorizon and long-horizon inflation forecasts as a way to assess the anchoring of inflation expectations across a sample of 44 economies. It reports an overall decline in the pass-through, with the share of economies...

Acting in parallel with changes in Thailand's inflation dynamics, the fall in inflation and inflation variability is a worldwide phenomenon that has coincided with accelerating globalisation. This paper explains that global factors have played an important role in changing the dynamics of...

This note identifies supply factors, particularly the exchange rate, as key drivers of inflation in South Africa. Demand factors play a negligible role, with a flat Phillips curve apparent since the inception of the country's inflation targeting regime. The Phillips curve flattened further with...

This country note discusses measures of inflation used in monetary policy formulation in Singapore, and assesses the relative influence of global and regional factors in determining domestic inflation dynamics. It is found that the regional factor has grow n in importance as a source of external...

Since the early 2000s, inflation in Russia has never fallen below 6%, except for brief intervals following the major crisis of 2008 and the changes in 2012 to the seasonal indexation of administered prices.Persistently high inflation expectations have posed a challenge to the Bank of Russia in...

This paper discusses the role of inflation expectations in the inflation dynamics of the Philippines since its adoption of inflation targeting in 2002. It places a particular focus on the post-crisis period. A key finding is that agents have become more forwardlooking with the adoption of...