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Consumer expectations for average euro area inflation fell in November, according to the ECB’s November 2022 survey results, at the same time as growth and income expectations edged upwards, while unemployment expectations edged down slightly. The data will help policymakers ahead of the February 2 Governing Council meeting, as they discuss their next moves on policy normalization (MNI SOURCES: ECB Doves Eye Smaller Hikes As Inflation Falls)
Perceived inflation for the previous 12 months remained unchanged at 9.9%, but median expectations for the coming year dipped from 5.4% to 5% -- offering support to those Governing Council members in favour of a slowdown in the pace of interest rate hikes. Expectations for inflation three years ahead were down 0.1% to 2.9% compared with the previous month’s survey.
Income expectations for the next 12 months rose by 0.2% to 0.9%, but expectations for nominal spending growth fell from 4.7% to 4.3%. Economic growth expectations for the next 12 months increased from -2.0% in October -2.6% in October to -2.0%, while the expected unemployment rate 12 months ahead was down 0.1% to 12.4% compared with the previous month.
Source: ECB Consumer Expectations Survey
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.