Investor expectations for U.S. inflation have declined to the lowest in more than three years even as data point to economic recovery, JPMorgan Chase & Co., said, citing surveys.

While policy makers in major economies are providing unprecedented stimulus, investors see little price pressure in the U.S., the euro region or the U.K. over the next five years, according to the bank’s quarterly overview.

Investors expect U.S. inflation to average 1.68 percent in the next 12 months, compared with 1.85 percent in the previous survey in March.

Over the next two-to-five years, the rate is seen at 2.4 percent, the lowest since the July 2010 survey, JPMorgan said. The report was based on responses from 320 investors including asset-management companies, pension funds, banks and hedge funds.

Medium-term inflation expectations for the euro region dropped to the least since the surveys began in March 2010, with investors predicting consumer prices will increase at a 1.3 percent rate in the next 12 months and 2 percent in the two-to-five-year horizon.