expected inflation 24 months ahead reported by market analysts in the monthly survey conducted by the central bank has very little variation, which is hard to believe given the magnitude of shocks. on the other hand, inflation compensations derived from financial market prices have premiums that are hard to measure and most likely time varying. in fact, inflation compensation measures have recently shown increases. this has been observed also in several other countries. we believe this to be driven, to a large extent, by changes in different risk premiums in the context of high uncertainty, liquidity problems and portfolio adjustments. indeed, the inflationary compensation from year 5 to year 10 has increased together with the forecast error of inflation. in light of the flaws presented by the indicators, the best strategy today is to consider a broad set of indicators. for the future, it becomes an important task to encourage research to improve our understanding of measures of expectations. inflation expectations surveys ( weekly average, percent ) 5, 0 5, 0 4, 5 4, 5 4, 0 4, 0 3, 5 3, 5 3, 0 3, 0 2, 5 2, 5 2, 0 jan. 06 2, 0 may. 06 sep. 06 jan. 07 money desks 1 yr. ahead ees 12 months ahead ( * ) may. 07 sep. 07 jan. 08 money desks 2 yrs. ahead ees 24 months ahead ( * ) economic expectations survey ( ees ). source : central bank of chile. forward inflation compensation from swap rate average ( moving weekly average, percent ) 4, 5 4, 5 4, 0 4, 0 3, 5 3, 5 3, 0 3, 0 2, 5 2, 5 2, 0 2, 0 1, 5 jan. 05 1, 5 jul. 05 jan. 06 ic 1 in 1 jul. 06 jan. 07 ic 5 in 5 jul. 07 jan. 08 ic 3 in 2 source : central bank of chile. inflation compensations and analyst ’ s forecast error variability ( percentage points ) 4, 5 4, 5 4, 0 4, 0 3, 5 3, 5 3, 0 3, 0 2, 5 2, 5 2, 0 2, 0 1, 5 1, 5 1, 0 1, 0 ic 1 in 1 ic 3 in 2 ic 5 in 5 jul. jul. bloomberg analyst ’ s forecast error variability sources : central bank of chile and bloomberg. macroeconomic risk management the main risk stemming from the

remarks on the post - pandemic landscape for central bank statistics 11th ifc biennial conference pablo garcia silva, deputy governor, central bank of chile august 25th 2022 i want to thank the organizers for the opportunity to participate in this distinguished panel, providing some remarks on the challenges we face as central banks and as providers of statistics, particularly in the environment we live today, as the pandemic recedes. central banks are keenly aware of the need to provide timely, accurate, and in - depth understandings of the changing economy. this not only to inform correctly policy making, but also to satisfy the shifting demands of society regarding the environment we live in. this inevitably implies trade - offs. operative and budgetary constraints mean that a careful balance of timeliness, accuracy, and depth needs to be achieved. the ever - expanding complexity of economic relationships, and the speed at which policies have had to adapt to very large shocks, imply in my view that compared to a not so distant past timeliness is today at a premium. the times of change we live in require us to react promptly. this, however, carries the cost that both the accuracy and the depth of data will be inversely related to its timeliness. this brings about the implication that both policy making needs to consider the implicit uncertainty of the environment, and also that statistics providers need to be candid about those uncertainties when communicating with the public. central banks have found that venturing into the digital transformation with an increasing use of big data, a process that was accelerated because of the sanitary crisis, helps ease somewhat these trade - offs. many central banks have broadened the analysis using less traditional sources derived from the so - called " open " data available on the internet. they started to apply big data techniques, such as web scraping, machine learning or text analysis, for collecting and transforming data on prices, job vacancies or retail sales, among others. as a result, it became possible to release new indicators with higher frequency and timeliness. this has contributed to a better understanding of economic phenomena, providing up to date empirical support to the implementation of monetary policy and financial stability mandates. new sources of information in our case, at the central bank of chile we have embarked in several efforts to expand and improve the data available. for the first time, starting in june, we released regional gross domestic product and household consumption on a quarterly basis, with a lag of a few months. this advance enhances data robust