Eurozone consumers expect inflation to remain elevated due to an oil price shock triggered by the Iran war, according to a European Central Bank survey released on Friday. In August, consumers expected inflation to average 3% over the next 12 months, up from 2.9% in July, the ECB said. Inflation expectations also increased over the medium term, with consumers expecting an average rate of 2.9% over the next three years, compared with 2.7% previously. Expectations for inflation five years ahead also edged higher. The increases come amid sharply higher energy prices as a result of the US-Israeli war against Iran, which is headed into its seventh month, with consumers feeling the impact of the oil price shock through higher fuel and heating costs.
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