European Central Bank consumer survey shows modest easing of inflation expectations and mixed views on income and housing. In May, median inflation perceptions over the past 12 months stayed at 4.0%, but expectations for inflation in the next year fell to 3.5% from 4.0% in April, while 3‑ and 5‑year expectations remained unchanged at 2.9% and 2.4%. Consumers expect nominal income to rise 1.0% next year, up from 0.8%, and see spending growth of 3.8%, down from 4.3%. Economic‑growth expectations improved to –1.7% from –2.2%, yet unemployment expectations rose to 11.3%. Home‑price growth expectations fell to 3.6%, mortgage‑rate expectations stayed at 4.9%, and households report a tighter credit environment for the past year.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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