ECB Survey Reveals Shift in Consumer Inflation Perceptions and Economic Growth Expectations

The European Central Bank (ECB) released its Consumer Expectations Survey results for July 2026. The survey, which polled around 19,000 adult consumers from 11 euro area countries, showed a slight decrease in median consumer perceptions of inflation over the past 12 months.

According to the survey, the median rate of perceived inflation over the previous 12 months decreased to 3.5%, down from 3.6% in June. Similarly, median expectations for inflation over the next 12 months also decreased, to 2.9% from 3.0%. However, median expectations for inflation five years ahead remained unchanged at 2.4%.

The survey also found that consumers' expectations for nominal income growth over the next 12 months decreased to 1.0%, down from 1.1% in June. Meanwhile, expected economic growth over the next 12 months rose to -1.2%, up from -1.4% in June.