Euro zone consumers' inflation expectations hold steady, shows ECB survey

Berlin/IBNS: The European Central Bank (ECB) survey showed on Friday that euro zone consumers' inflation expectations over the next 12 months remained steady for the third month in a row in July, reports Reuters.

IBNS • 24 Aug 2024, 11:30 am

Euro zone consumers' inflation expectations hold steady, shows ECB survey

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The ECB's Consumer Expectations Survey is one input that central bankers from the euro zone's 20 countries use to gauge whether the public has faith in their ability to bring down inflation to their 2 percent goal, according to reports.

The latest survey showed the median consumer expected inflation to average 2.8 percent over the next 12 months, stable from May and June after a steady fall from 3.3 percent in January, reports Reuters, adding that inflation three years ahead was seen at 2.4 percent, slightly above the 2.3 percent expected the previous month.

Expectations for income and spending growth both declined, and consumers turned slightly more negative on economic growth expectations, with the Gross Domestic Product (GDP) seen contracting by 1.0 percent, as per reports.