TEPAV | EPRI has prepared a policy note which analyses both mean and standard deviation of the distribution of inflation expectations that extracted from the inflation surveys of CNBC-e. According to the note, the recent shock that hit the Turkish economy had a negative impact on inflation expectations. Both the mean and the standard deviation of the distribution of inflation expectations have risen. The magnitude of the most recent shock is larger than either of the previous two shocks in 2003 and 2004. This is what we observe from CNBC-e's monthly inflation surveys.