www.ecb.europa.eu
27 March 2026
Please note that the fieldwork for this Consumer Expectations Survey (CES) wave was carried out between 5 February and 3 March 2026, meaning that around 97% of the responses were recorded before the onset of the war in the Middle East on 28 February.
Compared with January 2026:
- median consumer perceptions of inflation over the past 12 months remained unchanged while median inflation expectations for the next 12 months and for three years ahead decreased slightly; median inflation expectations for five years ahead were unchanged;
- expectations for nominal income growth over the next 12 months remained unchanged, while expectations for spending growth over the next 12 months increased;
- expectations for economic growth over the next 12 months became less negative, while the expected unemployment rate in 12 months’ time decreased;
- expectations for growth in the price of homes over the next 12 months declined, while expectations for mortgage interest rates in 12 months’ time…