*********** SURVEY OF PROFESSIONAL FORECASTERS ***************** ONE-YEAR AHEAD INFLATION FORECASTS FOR CHAIN-WEIGHTED GDP PRICE INDEX (1YRPGDP) AND CONSUMER PRICE INDEX (1YRCPIE). PRIOR TO 1992:1, 1YRPGDP WAS THE GNP DEFLATOR; BETWEEN 1992:1 AND 1995:4 IT WAS THE GDP DEFLATOR; AFTER 1995:4 IT IS THE CHAIN-WEIGHTED GDP PRICE INDEX. ALSO, PLEASE NOTE THAT 1YRPGDP FOR 1970:1 AND 1974:3 ARE BASED ON 3-QUARTER AHEAD FORECASTS, AT ANNUAL RATES, RATHER THAN 1-YEAR AHEAD FORECASTS, WHICH WEREN'T AVAILABLE. NOTE: ONE-YEAR AHEAD INFLATION FORECASTS ARE FORECASTS FOR AVERAGE INFLATION OVER THE FOUR QUARTERS BEGINNING WITH THE QUARTER AFTER THE SURVEY DATE LISTED BELOW. 1YRPGDP 1YRCPIE 1970:1 3.03 N.A. 1970:2 2.99 N.A. 1970:3 3.70 N.A. 1970:4 3.50 N.A. 1971:1 3.53 N.A. 1971:2 3.42 N.A. 1971:3 3.14 N.A. 1971:4 3.42 N.A. 1972:1 3.54 N.A. 1972:2 3.39 N.A. 1972:3 3.61 N.A. 1972:4 3.70 N.A. 1973:1 3.76 N.A. 1973:2 3.77 N.A. 1973:3 4.10 N.A. 1973:4 5.37 N.A. 1974:1 5.65 N.A. 1974:2 5.61 N.A. 1974:3 7.52 N.A. 1974:4 7.68 N.A. 1975:1 7.24 N.A. 1975:2 5.59 N.A. 1975:3 5.95 N.A. 1975:4 6.21 N.A. 1976:1 6.18 N.A. 1976:2 5.90 N.A. 1976:3 6.05 N.A. 1976:4 5.73 N.A. 1977:1 5.64 N.A. 1977:2 6.27 N.A. 1977:3 5.90 N.A. 1977:4 5.96 N.A. 1978:1 5.90 N.A. 1978:2 6.53 N.A. 1978:3 6.91 N.A. 1978:4 7.09 N.A. 1979:1 7.33 N.A. 1979:2 7.93 N.A. 1979:3 8.03 N.A. 1979:4 8.19 N.A. 1980:1 8.70 N.A. 1980:2 8.84 N.A. 1980:3 8.93 N.A. 1980:4 9.37 N.A. 1981:1 9.09 N.A. 1981:2 8.75 N.A. 1981:3 7.80 7.83 1981:4 7.52 7.70 1982:1 7.14 6.63 1982:2 6.24 6.04 1982:3 5.87 5.98 1982:4 5.59 5.50 1983:1 5.00 4.53 1983:2 4.82 4.73 1983:3 4.95 4.54 1983:4 5.44 5.09 1984:1 4.98 4.81 1984:2 5.38 5.30 1984:3 4.75 4.95 1984:4 4.41 4.43 1985:1 3.99 4.13 1985:2 4.33 4.35 1985:3 4.21 4.25 1985:4 3.97 3.85 1986:1 3.33 3.59 1986:2 3.15 3.41 1986:3 2.62 3.50 1986:4 3.11 3.63 1987:1 3.70 3.90 1987:2 3.92 4.36 1987:3 4.14 4.50 1987:4 3.62 4.38 1988:1 3.76 4.20 1988:2 3.94 4.58 1988:3 4.18 4.98 1988:4 4.37 4.90 1989:1 4.56 4.85 1989:2 4.58 4.95 1989:3 3.95 4.24 1989:4 3.98 4.23 1990:1 4.02 4.35 1990:2 3.82 4.20 1990:3 4.38 4.45 1990:4 4.26 4.51 1991:1 3.64 3.66 1991:2 3.38 3.84 1991:3 3.35 3.77 1991:4 3.19 3.55 1992:1 3.29 3.40 1992:2 3.09 3.53 1992:3 2.81 3.33 1992:4 2.70 3.25 1993:1 2.78 3.23 1993:2 2.75 3.38 1993:3 3.05 3.30 1993:4 2.79 3.00 1994:1 2.70 3.20 1994:2 2.92 3.28 1994:3 3.08 3.33 1994:4 3.06 3.43 1995:1 2.89 3.41 1995:2 2.96 3.53 1995:3 2.56 3.28 1995:4 2.33 2.95 1996:1 2.38 2.78 1996:2 2.46 2.88 1996:3 2.54 3.00 1996:4 2.53 3.03 1997:1 2.61 3.08 1997:2 2.42 3.00 1997:3 2.45 2.85 1997:4 2.30 2.60 1998:1 2.23 2.25 1998:2 2.05 2.45 1998:3 2.04 2.48 1998:4 1.85 2.33 1999:1 1.54 2.20 1999:2 1.74 2.20 1999:3 1.87 2.38 1999:4 1.81 2.53 2000:1 1.99 2.48 2000:2 2.22 2.60 2000:3 2.37 2.73 2000:4 2.26 2.68 2001:1 2.12 2.48 2001:2 2.07 2.50 2001:3 2.10 2.60 2001:4 1.73 2.18 2002:1 1.79 2.20 2002:2 1.93 2.35 2002:3 1.89 2.30 2002:4 1.92 2.20 2003:1 1.83 2.13 2003:2 1.78 2.10 2003:3 1.72 1.83 2003:4 1.75 2.13 2004:1 1.57 1.63 2004:2 1.84 2.13 2004:3 2.15 2.30 2004:4 2.00 2.25 2005:1 1.98 2.25 2005:2 2.23 2.38 2005:3 2.25 2.43 2005:4 2.19 2.38 2006:1 2.19 2.43 2006:2 2.27 2.40