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A global survey of household perceptions and expectations

Author

Listed:
  • Francesco D'Acunto
  • Fiorella De Fiore
  • Damiano Sandri
  • Michael Weber

Abstract

The article introduces a novel survey of household economic perceptions and expectations conducted across 31 economies in March and April 2025. Household inflation expectations are elevated, exceeding prevailing inflation rates and professional forecasts. Households recognise that prices have increased faster in the post-pandemic period compared with earlier years and overestimate losses in real wages. Perceptions of the inflation surge appear to be lifting inflation expectations, suggesting that temporary price level increases can have persistent effects on expectations. Households generally do not hold central banks responsible for the inflation surge and support their independence. Knowledge of central banks remains limited in an environment where social media have become an important information source. Informed households tend to have more anchored inflation expectations, underscoring the importance of effective communication strategies.

Suggested Citation

  • Francesco D'Acunto & Fiorella De Fiore & Damiano Sandri & Michael Weber, 2025. "A global survey of household perceptions and expectations," BIS Quarterly Review, Bank for International Settlements, September.
    • Handle: RePEc:bis:bisqtr:2509c
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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