ECB survey shows euro area consumers' 12-month inflation expectations rising to 3.1%

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ECB survey shows euro area consumers' 12-month inflation expectations rising to 3.1%

23 October 2026

The European Central Bank published its Consumer Expectations Survey results for September 2026 on 23 October.
Median expectations for inflation over the next 12 months rose to 3.1% from 3.0% in August.
The median rate of perceived inflation over the previous 12 months rose to 3.6% from 3.5%.
Expectations for inflation three years and five years ahead were unchanged at 2.9% and 2.5%.
Expected unemployment 12 months ahead rose to 11.3% from 11.0%, and expected economic growth fell to -1.5% from -1.2%.
The October results are due on 27 November 2026.

12-month inflation expectation: 3.1% Perceived past inflation: 3.6% Expected unemployment: 11.3%

Why it matters for exams: Inflation expectations guide central bank policy; bank exams ask about the ECB and its surveys.

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23 October 2026 Source: European Central Bank

In plain words

ECB European Central Bank — The central bank of the countries that use the euro.

Median — The middle value when all answers are arranged in order.