The European Central Bank released the results of its September 2026 Consumer Expectations Survey, showing a modest rise in short-term inflation expectations among consumers. Compared with August, the median expectation for inflation over the next 12 months increased to 3.1%. Expectations for inflation three years ahead and five years ahead were unchanged at 2.9% and 2.5%, respectively.
The survey also pointed to weaker sentiment on growth and jobs. Consumers lowered their expectation for economic growth over the next 12 months to -1.5%, while expected unemployment over the same period rose to 11.3%. At the same time, expectations for nominal income growth edged up to 1.1%, and expected spending growth increased slightly to 3.7%.
On housing, consumers raised their expectation for home price growth over the next 12 months to 3.5%. Expectations for mortgage interest rates over the same horizon were unchanged at 4.9%. The figures were published in an ECB news release.
The European Central Bank released the results of its September 2026 Consumer Expectations Survey. Compared with August, the median expectation for inflation over the next 12 months rose slightly to 3.1%.
Inflation expectations for the next three years and the next five years were unchanged at 2.9% and 2.5%, respectively.
The survey also showed that consumers lowered their expectation for economic growth over the next 12 months to -1.5%. Expected unemployment over the next 12 months increased to 11.3%.
Expectations for income growth over the next 12 months edged up to 1.1%, while expected spending growth increased slightly to 3.7%.
For housing, consumers slightly raised their expectation for home price growth over the next 12 months to 3.5%. Expectations for mortgage interest rates over the same period were unchanged at 4.9%, according to an ECB news release.
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