Let us consider an array of continuously compounded spot interest rates for time periods of one year:

Say that no increase is expected and

If the risk premium is

Then, the term structure is an average of forward rates,

which in this specific case yields 

Thus, we observe an increasing term structure, even though there is no expected increase in the spot rates.
It may even happen that an increasing term structure results from decreasing expected spot rates, if the liquidity premium is increasing. For instance, let us consider 

and

 

Then, in this case, we find 

and

 

The resulting term structure is increasing, even though rates are expected to drop.

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r(0,1), (1,2), r(2,3), (3,4),...