UK: in May 2021 the Bank of England expected inflation of 2.0% for 2022; the outcome was 10.7%
Forecasts of 110 releases (1997–2024) for the next year: the outcome above the forecast 63 times, below 47; typical error +0.23 percentage points. The largest under-forecast in May 2021: 2.0% expected for 2022, the outcome was 10.7%. The largest over-forecast in February 2014: 1.8% expected for 2015, the outcome was 0.1%.
Source: Central banks: published forecasts; actual: official statisticsOpen on the chart →