Greece Leads Eurozone in Pessimism Over Inflation and Growth

The European Central Bank's consumer expectations survey revealed that Greek households are the most pessimistic in the eurozone when it comes to inflation, growth, and unemployment. Greek consumers' perceived inflation over the past 12 months reached 10.1 percent, more than double the eurozone average of 4.9 percent.

Greek households also hold the most pessimistic growth outlook in the eurozone, expecting economic contraction of 5.4 percent over the next 12 months, compared with a eurozone average expectation of -1.4 percent. Unemployment expectations for the next 12 months eased marginally to 11.2 percent from 11.3 percent in May.

The survey showed that inflation expectations for the next 12 months fell to 3.0 percent from 3.5 percent, while three-year expectations edged down to 2.8 percent from 2.9 percent. Five-year expectations held steady at 2.4 percent.