Reason for widening bid-ask spreads in forward contracts

CFA Level II Economics
#1

The reasons as given in the study text (Wiley) for widening bid-ask spreads in forward contracts, as the term of the contract lengthens (becomes longer):

  1. The longer the contract term, the less liquidity

  2. The longer the contract term, the more credit risk

  3. The longer the contract term, the more interest rate risk.

My question is: why is the “inflation risk” not given in the list of reasons? Is it not a reason?

As the term of the contract becomes longer, isn’t it correct to say that the risk of inflation being different from forecasted/expected also a reason for the widening bid-ask spread as the term of the forward contract becomes longer?

#2

The nominal interest rate is made up of two component -

  1. Real interest rate

  2. Inflation rate

So, the ‘inflation risk’ is already counted in the ‘interest rate risk’.