the onset of the pandemic, roughly double the 9 percent increase in average hourly earnings by employees in that sector. 9 in the auto sector, where the real inventory - to - sales ratio is 20 percent below its pre - pandemic level, the retail margin for motor vehicles sold at dealerships has increased by more than 180 percent since february 2020, 10 times the rise in average hourly earnings within that sector. 10 so there is ample room for margin recompression to help reduce goods inflation as demand cools, supply constraints ease, and inventories increase. despite the higher prices for a broad set of goods and services, market - and survey - based measures of longer - term inflation expectations are within ranges consistent with expectations that inflation will return to 2 percent over the medium term. 11 treasury see, for example, josh ulick and suzanne kapner ( 2022 ) “ from walmart to gap, which retailers have the most excess inventory? ” wall street journal, june 9, https : / / www. wsj. com / articles / from - walmart - togap - which - retailers - have - the - most - excess - inventory - 11654776000. for additional information, see alana semuels ( 2022 ), “ i paid $ 3, 000 above sticker price for my new car. you probably will too, ” time, september 29, https : / / time. com / 6218046 / new - car - prices - over - msrp. although the survey of professional forecasters saw large increases in expected inflation for 2022 and 2023 between the first - and third - quarter surveys, reflecting the shocks to inflation between the periods in february and august when those surveys were conducted, the implied 5 - to - 10 - year inflation expectation - 6inflation - protected securities – based measures of five - year, five - year - forward breakeven inflation compensation are currently at 2. 15 percent, roughly 10 basis points below their level at the start of the year. the median of inflation expectations over the next 5 to 10 years in the michigan survey ticked down in september to 2. 7 percent, below the 2. 9 to 3. 1 percent range in which it had been fluctuating since july 2021 and back within the range that was common before the 2015 decline in this metric. 12 currently, there is a greater dispersion than usual of views about future inflation in survey

india and abroad. second, information on global best practices is obtained on a continuous basis. in many of the technical papers or reports of working groups that are placed on the rbi website, a reference to comparative country - practices may be routine. in fact, a committee had assessed our standards and codes vis - a - vis the global standards on several aspects of financial sector in 2001 and these have since been updated. currently, an exercise of comprehensive self - assessment, using inter - alia the imf / world bank handbook on financial sector assessment ( 2005 ) is under way under the chairmanship of dr. rakesh mohan, deputy governor, with dr. subbarao, finance secretary, as the co - chairman. the process incorporates obtaining advice from about forty nationally and globally renowned experts 3. advisory panel members include : shri aman mehta, dr. ashok ganguly, shri ashok soota, dr. k c chakraborty, dr. r chandrasekar, shri gagan rai, dr. indira rajaraman, dr. jaimini bhagwati, shri mahesh vyas, shri nimesh kampani, shri nitin desai, dr. omkar goswami, shri pavan sukhdev, dr. rajas parchure, the report on this self - assessment should be available soon in public domain. our senior officers are involved in several multilateral working groups, such as those of the financial stability forum and the bank for international settlements, thus acquiring in - depth knowledge of global practices. in fact, some of our professionals work on deputation in these multilateral institutions as also some other central banks, thus bringing back a wealth of experience. similarly, to facilitate a wider exposure, officers are selectively enabled to work in ngos or other financial institutions. the annual conference of regional directors and heads of departments also provides an occasion to learn from eminent personalities from diverse fields 4. third, continuous efforts are made to benefit from outside expertise. experts from outside the rbi, be it academics or market participants or representatives of industry associations, are associated usually as members and occasionally as special invitees on the working groups or committees constituted by the rbi. their participation enhances the quality of work and the implementability of their recommendations, in our situation. several standing committees have the benefit of advice of eminent professors of iit, iim etc 5. the standing committees exist for a wide range of activities namely financial markets, technology