The ECB’s September survey shows that incomes are expected to grow more slowly than spending, while economic prospects have worsened. However, inflation expectations three and five years ahead remained stable. Euro area consumers slightly revised up their inflation expectations for the next 12 months, from 3% to 3.1%, and have become more pessimistic about the economy’s outlook. The results of the September survey, published by the European Central Bank on October 23, 2026, also show that respondents expect spending to increase faster than incomes. In brief Consumers surveyed by the ECB expect inflation of 3.1% over the next 12 months, up from 3% in August. Expectations three and five years ahead remained at 2.9% and 2.5%, respectively.
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