This page focuses on global inflation expectations. The left-hand chart plots the median of economists' forecasts for headline CPI across the US, eurozone and the UK. Inflation is expected to move lower over the coming quarters, but the rate of slowdown varies by region. The right-hand chart plots a time series of 5y5y inflation swaps for the US, eurozone and the UK. A 5y5y inflation swap represents the market’s expectation of five-year average inflation, starting in five years’ time. This gives a sense of how the market perceives the inflation outlook over the medium to long term.