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ECB: ECB SPF Sees Largely Unchanged Headline HICP Expectaitons

ECB

ECB Survey of Professional Forecasters here: https://www.ecb.europa.eu/stats/ecb_surveys/survey_of_professional_forecasters/html/ecb.spf2024q3~98dde869e4.en.html

  • Summary
    Expectations for headline HICP inflation were largely unchanged from the previous survey (conducted in the second quarter of 2024).
  • Headline inflation was expected to decline from 2.4% in 2024 to 2.0% in 2025 and further to 1.9% in 2026 (unchanged apart from a 0.1 percentage points downward revision for 2026).
  • Longer-term HICP inflation expectations (for 2029 in this round, 2028 in the previous round) were unchanged at 2.0%.
  • Expected real GDP growth for 2024 remained modest at 0.7%, reflecting mainly a weak carry-over from 2023, but was revised upwards due to a stronger than expected outturn in the first quarter of 2024.
  • Expectations for 2025, 2026 and the longer term were 1.3%, 1.4% and 1.3% respectively (unchanged apart from a 0.1 percentage points downward revision for 2025).

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