The survey indicates that the global inflation rate is projected to reach 5.0 per cent in 2024, followed by a decline to 4.4 per cent in 2025 and further down to 3.6 per cent in 2027.
Comparatively, inflation expectations for the current year are notably lower than the previous year, with Germany expected to experience a rate of 3.4 per cent.
“Compared to last year, inflation expectations for this year are significantly lower,” notes Ifo researcher Niklas Potrafke.
According to the findings, the United States is predicted to see a 3.2 per cent inflation rate in 2024, the United Kingdom at 4.3 per cent, and Ireland at 3.0 per cent.
The survey also reveals that inflation expectations for 2024 in Western Europe and North America are below the global average, with figures of 3.1 per cent and 3.2 per cent, respectively.
Projections for 2027 indicate expectations of 2.1 per cent inflation in Western Europe and 2.4 per cent in North America.