ECB Consumer Expectations Survey results – August 2026

Compared with July 2026:

median consumer perceptions of inflation over the past 12 months were unchanged, while median expectations for inflation increased across all horizons;
expectations for nominal income growth over the next 12 months were unchanged, as were expectations for spending growth over the next 12 months;
expectations for economic growth over the next 12 months were unchanged, while the expected unemployment rate in 12 months’ time decreased;
expectations for growth in the price of homes over the next 12 months were unchanged, as were expectations for mortgage interest rates in 12 months’ time.

Published on 18th of September 2026

Inflation

In August the median rate of perceived inflation over the previous 12 months was 3.5%, the same as in July. Median expectations for inflation over the next 12 months increased to 3.0% from 2.9% in July, while median expectations for inflation three years ahead increased to 2.9% from 2.7% in July and median expectations for inflation five years ahead increased to 2.5% from 2.4% in July. Uncertainty about expectations for inflation over the next 12 months decreased, but remained higher than the level prevailing before the start of the conflict in the Middle East. Respondents in the bottom income quintile continued to report higher inflation perceptions and expectations, on average, than those in the top quintile. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70).

Updated on the 18th of September 2026