Why did inflation expectations increase?

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Why did inflation expectations increase?

First week
February 2018

Inflation expectations increased by 2.0 percentage points over the last month. According to the latest Market Expectations Survey (REM) carried out by the Central Bank, they are at 19.4% for the end of 2018; while they were at 17.4% a month ago.

Before this happened, the changes in inflation targets were announced and December inflation was reported, which was a percentage point higher than expected. That was the biggest monthly surprise since the REM has been released. It was 3.1%, when the expectation was 2.1%.