Driven by long-term structural factors, the era when the inflation rate in developed economies was below 2 percent has passed. High inflation in these economies may last longer than expected and may even become the norm in the future. With three scenario assumptions of optimism, neutrality and pessimism regarding oil prices in 2023 — which is the greatest uncertainty this year — the average price fluctuation range is estimated to be between $70 and $90 per barrel.