tied to subjective factors? For sales strategy: how to prepare and accelerate your sales? example, to the experience of a fairly long period of high inflation in our country? How strongly does the information background influence: for example, different shades and accents of reports on inflation dynamics can result in different answers to the question about the expected price level in a year?
—We cannot measure how much certain
headlines influenced a certain answer in the inFOM survey. But this is what speaks to the non-anchored nature of inflation expectations. The experience of 25 years of high inflation is very firmly embedded in the memory. This year has demonstrated this very clearly. I think that expectations are mostly influenced by: a) experience and b) the intensity of the information background. People go to the store every day, and they can understand that price growth has accelerated without reading the press.
Increased attention to this topic
certainly provides some additional reinforcement in terms of the effects of inflation expectations. If we hypothetically discussions, given the pandemic picture imagine that we had a world where people did not have newspapers and the Internet, everyone would simply focus on the set of prices they see in the agb directory store, then perhaps inflation expectations would be a little less volatile. I think that this is a second-order effect, the prices that people see on store shelves really have an impact.