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Consumer Inflation Expectations Continue To Head Lower

EUROZONE
June's ECB Consumer Expectations Survey shows a continued decline in inflation expectations - a dovish development for the Governing Council which takes this survey into account when setting policy.
  • The median rate of expected inflation over the next 12 months fell to 3.4% (the lowest print since the start of the Russia-Ukraine conflict in Feb 2022), from 3.9% in May, and three-year expectations eased to 2.3% from 2.5% (also a post-Feb 2022 low).
  • Having fallen in the previous two months, uncertainty about inflation expectations over the next 12 months was unchanged.
  • Expectations remain well below the perceived past inflation rate, particularly at the three-year horizon.
  • 12-month nominal income growth outlook remained unchanged, while expectations for nominal spending growth declined further.

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