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Press Release

Survey of Firms’ Inflation Expectations and quarterly updates now available at

Business leaders’ inflation expectations can influence the prices their firms charge customers, and these prices can, in turn, influence the path of inflation. While several surveys regularly chart the inflation expectations of consumers or professional forecasters, what do the inflation expectations of senior business executives look like? Ask SoFIE (the Survey of Firms’ Inflation Expectations).

SoFIE is a large quarterly representative panel of firms in the manufacturing and services sectors that was initially created by Olivier Coibion and Yuriy Gorodnichenko to measure inflation expectations of CEOs in the United States. The revised data going back to Q2 2018 are available at and the series will be updated quarterly.

Learn what the survey shows about firms’ inflation expectations over the past five years in this Economic Commentary or this Research [in] Brief, which summarizes the Commentary. Bookmark this page or subscribe for updated estimates from the survey.

For other inflation-related indicators and data, please visit the Cleveland Fed’s Center for Inflation Research website.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Chuck Soder,, 216.672.2798