The Survey of Firms’ Inflation Expectations

The inflation expectations of individuals who lead firms can influence the prices that their firms charge customers and hence can influence overall inflation. This Economic Commentary summarizes results from the Survey of Firms’ Inflation Expectations (SoFIE), which asks top business executives for...

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Bibliographic Details
Published in:Economic commentary (Cleveland) 2023-05 (2023-10), p.1-7
Main Authors: Garciga, Christian L., Knotek, Edward S., Pedemonte, Mathieu O., Shiroff, Taylor
Format: Article
Language:English
Subjects:
Central banks
Consumer Price Index
Employees
Estimates
Inflation
Inflation rates
Polls & surveys
Standard deviation
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Summary:The inflation expectations of individuals who lead firms can influence the prices that their firms charge customers and hence can influence overall inflation. This Economic Commentary summarizes results from the Survey of Firms’ Inflation Expectations (SoFIE), which asks top business executives for their inflation expectations once per quarter alongside a second question from a rotating set. We document that this group’s inflation expectations increased with the run-up in inflation over 2021 and 2022 but then began to decline in early 2023. The Cleveland Fed will post estimates from the Survey of Firms’ Inflation Expectations each quarter, available via clefed.org/SoFIE.
ISSN:2163-3738
0428-1276
2163-3738
DOI:10.26509/frbc-ec-202310