US: in June 2020 the Fed expected inflation of 1.6% for 2021; the outcome was 5.7%
Next-year projections of 69 releases (2007–2024): the outcome above the median projection 29 times, below 40; typical error −0.11 percentage points. The largest under-projection in June 2020: 1.6% expected for 2021, the outcome was 5.7%. The largest over-projection in March 2014: 1.8% expected for 2015, the outcome was 0.2%.
Source: Federal Reserve, Summary of Economic Projections; actual: BEA, BLS, Federal ReserveOpen on the chart →