ECB Consumer Expectations Survey results – June 2026

In June the median rate of perceived inflation over the previous 12 months decreased to 3.6%, from 4.0% in May. Median expectations for inflation over the next 12 months also decreased, down to 3.0%, from 3.5%, as did expectations for inflation three years ahead, which declined to 2.8%, from 2.9%. Expectations for inflation five years ahead remained unchanged, at 2.4%. Uncertainty about expectations for inflation over the next 12 months decreased for the second consecutive month, but remained higher than the level prevailing before the start of the war in the Middle East. Respondents in lower-income quintiles continued to report higher inflation perceptions and expectations, on average, than those in higher-income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70).

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