Eurozone median inflation expectations for the next 12 months decreased to 2.6% in January 2026, the lowest in six months, from 2.8% in December. Expectations for inflation three years ahead were unchanged at 2.6%, while inflation expectations for five years ahead decreased to 2.3%, from 2.4%. Uncertainty about inflation expectations over the next 12 months remained unchanged in January. Respondents in lower income quintiles continued to report on average slightly higher inflation perceptions and short-horizon expectations than those in higher income quintiles, a trend observed since 2023. However, the broad evolution of inflation perceptions and expectations remained closely aligned across income groups. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70). source: European Central Bank

Inflation Expectations In the Euro Area decreased to 2.60 percent in January from 2.80 percent in December of 2025. Inflation Expectations in Euro area averaged 3.18 percent from 2020 until 2026, reaching an all time high of 5.80 percent in October of 2022 and a record low of 1.90 percent in October of 2020. This page includes a chart with historical data for Euro Area Inflation Expectations. Euro Area Inflation Expectations Over the Next 12 months - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

Inflation Expectations In the Euro Area decreased to 2.60 percent in January from 2.80 percent in December of 2025. Inflation Expectations in Euro area is expected to be 2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Inflation Expectations Over the Next 12 months is projected to trend around 1.90 percent in 2027 and 2.10 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-30 09:00 AM
ECB Consumer Inflation Expectations
Dec 2.8% 2.8% 2.8%
2026-02-27 09:00 AM
ECB Consumer Inflation Expectations
Jan 2.6% 2.8% 2.9%
2026-03-27 09:00 AM
ECB Consumer Inflation Expectations
Feb 2.6%


Related Last Previous Unit Reference
Core Inflation Rate YoY 2.40 2.20 percent Feb 2026
Food Inflation 2.60 2.50 percent Jan 2026
Consumer Inflation Expectations 2.60 2.80 percent Jan 2026
Inflation Rate YoY 1.90 1.70 percent Feb 2026
Inflation Rate MoM 0.70 -0.60 percent Feb 2026


Euro Area Inflation Expectations Over the Next 12 months
In the Euro Area, inflation expectations refer to the median expectations for inflation over the next 12 months and are part of the Consumer Expectations Survey published by the ECB. The results include responses from Belgium, Germany, Spain, France, Italy, the Netherlands, Ireland, Greece, Austria, Portugal, and Finland, with the poll's coverage at 96% of the euro area’s GDP and 94% of its population.
Actual Previous Highest Lowest Dates Unit Frequency
2.60 2.80 5.80 1.90 2020 - 2026 percent Monthly

News Stream
Eurozone Inflation Expectations Fall to 6-Month Low
Eurozone median inflation expectations for the next 12 months decreased to 2.6% in January 2026, the lowest in six months, from 2.8% in December. Expectations for inflation three years ahead were unchanged at 2.6%, while inflation expectations for five years ahead decreased to 2.3%, from 2.4%. Uncertainty about inflation expectations over the next 12 months remained unchanged in January. Respondents in lower income quintiles continued to report on average slightly higher inflation perceptions and short-horizon expectations than those in higher income quintiles, a trend observed since 2023. However, the broad evolution of inflation perceptions and expectations remained closely aligned across income groups. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70).
2026-02-27
Eurozone Inflation Expectations Steady Short-Term
Eurozone median inflation expectations for the next 12 months were unchanged at 2.8% in December 2025. By contrast, expectations over longer horizons edged higher: three-year-ahead inflation expectations rose to 2.6% from 2.5%, while five-year-ahead expectations increased to 2.4% from 2.2%. Uncertainty around inflation expectations for the next 12 months also remained unchanged in December. Respondents in the lowest income quintiles continued to report slightly higher inflation perceptions and short-term expectations than those in higher income groups, consistent with a trend observed since 2023. Despite this gap, inflation perceptions and expectations evolved in broadly similar ways across income categories. Younger respondents (18–34) continued to report lower inflation perceptions and expectations than older groups (35–54 and 55–70).
2026-01-30
Eurozone Inflation Expectations Unchanged in November
Median consumer inflation expectations in the Eurozone over the next year held at 2.8% in November 2025, while expectations three and five years ahead remained anchored at 2.5% and 2.2%, respectively. Uncertainty around near-term inflation also showed little change. Lower-income households continued to report slightly higher perceived inflation and short-term expectations than higher-income groups, a pattern seen since 2023, though trends across income levels remain broadly aligned. Younger consumers reported lower inflation expectations than older age groups. Beyond prices, households became more cautious about the outlook: expectations for spending growth declined and views on economic growth turned more negative. At the same time, expectations for unemployment eased slightly, while forecasts for house price growth and mortgage rates over the next year fell.
2026-01-08