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Financial News: ECB Survey: Eurozone Inflation Expectations Revised Down

ECB Survey: Eurozone Inflation Expectations Revised Down

01/26/2024 - 06:03:00 (RTTNews)

(RTTNews) - Inflation expectations for the euro area were downgraded for this year and next on oil prices, weaker economic activity and lower outturn of actual inflation figures, the Survey of Professional Forecasters from the European Central Bank showed Friday. Headline inflation for this year was lowered to 2.4 percent from 2.7 percent and that for next year to 2.0 percent from 2.1 percent. Inflation was forecast to remain unchanged at 2.0 percent in 2026.

Longer-term expectations for headline HICP inflation were revised down to 2.0 percent.

Respondents also downgraded the real GDP growth outlook for 2024 and 2025. The currency bloc is expected to grow 0.6 percent compared to the initial estimate of 0.9 percent.

Likewise, the projection for 2025 was trimmed to 1.3 percent from 1.5 percent. Growth is seen at 1.4 percent in 2026, which as not surveyed in the previous round.

Longer-term growth expectations remained unchanged at 1.3 percent.

Respondents continued to expect the unemployment rate to climb to 6.7 percent this year but to decline gradually thereafter to 6.5 percent in 2026 and in the longer term.

On Thursday, the European Central Bank held its key interest rates steady for a third policy session in a row. The refi rate was kept unchanged at 4.50 percent.

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