Business Inflation Expectations
The BIE was created to measure the year-ahead inflationary sentiments of businesses in the Sixth District. It also helps inform our view of the sources of cost changes and provides insight into the factors driving business' pricing decisions.
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Business Inflation Expectations Increase to 3.1 Percent - March 2023
- Inflation expectations: Firms' year-ahead inflation expectations increased significantly to 3.1 percent, on average.
- Current economic environment: Sales levels "compared to normal" decreased over the month, and profit margins "compared to normal" remained unchanged over the month. Year-over-year unit cost growth increased significantly to 3.8 percent, on average.
- Quarterly question: Firms' long-term (per year, over the next five to 10 years) inflation expectations remain unchanged at 3.1 percent, on average.
- Special question: Firms were asked about the percent of their operating costs attributable to energy usage structures. They were also asked about energy cost increases and the impact on their firms if energy costs increase 50 percent more than their expectations.. A breakdown of the results can be found in the special question section below.
Click on a marker to view that month's results summary (starting January 2012).
Source: Atlanta Fed Business Inflation Expectations (BIE) Survey
Standard Questions
The questions below are asked each month to assess the firm’s current business environment and inflation expectations.
Question 1. How do your current sales levels compare with sales levels during what you consider to be "normal" times?
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
Question 2. How do your current profit margins compare with "normal" times?
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
Question 3. Looking back, how do your unit costs compare with this time last year?
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
Question 4. Projecting ahead, to the best of your ability, please assign a percent likelihood to the following changes to unit costs over the next 12 months.
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
Rotating Questions
Each question is asked once per quarter in the order indicated below.
Quarterly Question: By roughly what percent are your firm's unit sales levels above/below "normal," if at all?
Source: Federal Reserve Bank of Atlanta
Quarterly Question: Projecting ahead over the next 12 months, how do you think the following five common influences will affect the prices of your products and/or services?
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta
Quarterly Question: Projecting ahead, to the best of your ability, please assign a percent likelihood to the following changes to unit costs per year over the next FIVE TO 10 years.
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Source: Federal Reserve Bank of Atlanta
Source: Federal Reserve Bank of Atlanta