ECB Consumer Expectations Survey

Data Macro

Source: European Central Bank
Source Link: https://www.ecb.europa.eu/
Frequency: Monthly
Next Release(s): June 1st, 2026 4:00 AM

Latest Updates

ECB Consumer Expectations Survey: March 2026 2026-04-28 04:00
ECB Consumer Expectations Survey: February 2026 2026-03-27 04:00
ECB Consumer Expectations Survey: January 2026 2026-02-27 04:00
ECB Consumer Expectations Survey: December 2025 2026-01-30 04:00
ECB Consumer Expectations Survey: November 2025 2026-01-08 04:00
ECB Consumer Expectations Survey: October 2025 2025-11-28 04:00
ECB Consumer Expectations Survey: September 2025 2025-10-28 04:00
Euro area consumer inflation expectations edged higher in August 2025, with short- and long-term views stable but 12-month and 5-year horizons rising modestly.
- Perceived inflation over the past 12 months stayed at 3.1% for the seventh straight month.
- 12-month inflation expectations rose to 2.8% (from 2.6%), while 3-year expectations held at 2.5%; 5-year expectations increased slightly to 2.2% (from 2.1%), the highest since August 2022.
- Nominal income growth expectations rose to 1.1% (from 0.9%), while expected spending growth over the next 12 months remained at 3.3%.
- Economic growth expectations were unchanged at -1.2%, but the expected unemployment rate in 12 months ticked up to 10.7% (from 10.6%).
- Home price expectations increased to +3.4% (from +3.3%), while mortgage rate expectations stayed steady at 4.5%.
- Credit conditions continued to tighten, with more households reporting reduced access both in the past 12 months and looking ahead.
Source
Euro area consumer inflation expectations were largely steady in July 2025, with short-term and long-term views unchanged while 3-year expectations ticked higher.
- Perceived inflation over the past 12 months held at 3.1% for the sixth straight month, while 12-month expectations stayed at 2.6% and 5-year expectations at 2.1%.
- Three-year inflation expectations edged up to 2.5% (from 2.4%), while uncertainty around 12-month expectations remained at its lowest since January 2022.
- Nominal income growth expectations fell to 0.9% (from 1.0%), but expected spending growth over the next 12 months rose slightly to 3.3% (from 3.2%).
- Economic growth expectations weakened further to -1.2% (from -1.0%), while the expected unemployment rate in 12 months rose to 10.6% (from 10.3%).
- Home price expectations increased to +3.3% (from +3.1%), while mortgage rate expectations rose to 4.5% (from 4.3%).
Source
Euro area consumer inflation expectations declined in June, with the median 1-year expectation falling -0.2 ppts to 2.6%, the lowest since March 2024.
- Perceived inflation over the previous 12 months held steady at 3.1% for the fourth straight month.
- 3-year inflation expectations were unchanged at 2.4% after a -0.1 ppt drop in May.
- 5-year inflation expectations remained anchored at 2.1% for the fourth consecutive month.
Euro area household income and consumption expectations softened in June, as consumers grew slightly more cautious.
- Median 12-month household net income expectations remained flat at 0.1% for the fourth month.
- Household spending perceptions over the past 12 months were unchanged at 2.9%.
- Median 12-month spending expectations dipped -0.1 ppt to 2.0%, marking a second decline in three months.
Euro area economic sentiment showed little change in June, with the median growth outlook steady at 0.0% for the third time in four months.
- Perceived current unemployment rate edged down -0.1 ppt to 7.1% after a temporary rise in May.
- Median unemployment expectations 12 months ahead fell -0.1 ppt to 7.6%, matching March levels.
Source
Euro area consumer inflation expectations eased in May, with the median 1-year expectation down -0.3 ppts to 2.8%, reversing April’s rise.
- Perceived inflation over the previous 12 months was unchanged at 3.1% for the fourth consecutive month.
- 3-year inflation expectations edged down -0.1 ppts to 2.4%.
- 5-year inflation expectations held steady at 2.1% for the fourth straight month.
Euro area household income and consumption expectations were stable in May, with the median 12-month net income expectation holding at 0.1% for the fourth consecutive month.
- Perceptions of household spending over the past 12 months were unchanged at 2.9%.
- Median 12-month spending expectations fell -0.3 ppts to 2.1%, returning to February and March levels after a temporary uptick in April.
Euro area economic growth expectations remained flat in May, with the median 12-month outlook unchanged at 0.0% for the third time in four months.
- The perceived current unemployment rate ticked up 0.1 ppt to 7.2%, matching the level seen in February.
- The median 12-month ahead unemployment expectation fell -0.1 ppt to 7.7%, down from April's 7.8%.
- The median perceived probability of losing one’s job in the next three months held steady at 0.9%.
- The probability of finding a job and looking for a job was not reported for May.
Source
Euro area consumer inflation expectations rose again in April, with the median 1-year expectation up 0.2 ppts to 3.1%—matching perceived inflation for the first time since mid-2021.
- 3-year and 5-year median inflation expectations were unchanged at 2.5% and 2.1%, respectively.
Nominal income growth expectations fell to 0.9% (from 1.0%), while nominal spending growth expectations increased to 3.7% (from 3.4%).

Economic growth expectations fell to -1.9% (from -1.2%), and the 12-month unemployment rate expectation ticked up to 10.5% (from 10.4%).
- Home price growth expectations rose to 3.2%, while mortgage rate expectations increased to 4.5%.
- More households reported tighter credit access over the past year (+21.7% net) and anticipated further tightening in the year ahead (+20.8% net).
Source