Consumer Inflation Expectations : Survey Questions and Quantification Methods - the Case of Poland

Qualitative data on inflation perceptions and expectations, as obtained from surveys, can be quantified into numerical indicators of the perceived and expected rates of price change. This paper presents the results of different versions of probability and regression methods, implemented in order to estimate Polish consumer inflation perceptions and predictions, based on monthly consumer surveys. The paper also discusses the limited usefulness of quantitative questions, which occur to be excessively difficult for a significant part of respondents, whose numerical declarations are inconsistent with opinions expressed in a qualitative manner