The median for inflation expectations over the next 12 months and for 3 years ahead remains unchanged at 2.6% and 2.4% respectively in February, similar to that of January. But the median rate of perceived inflation over the previous 12 months fell further to 3.1% – its lowest since September 2021.

But more importantly perhaps is that uncertainty about inflation expectations over the next 12 months decreased in the latest survey, falling to its lowest since January 2022. That’s a positive sign but do be mindful that the situation could change in the months ahead amid Trump’s tariffs.