Financial News: Eurozone Inflation Expectations Remain Stable: ECB Survey

Eurozone Inflation Expectations Remain Stable: ECB Survey

08/23/2024 - 06:09:00 (RTTNews)

(RTTNews) - Eurozone inflation expectations for the coming year remained unchanged, while expectations for three years ahead edged up, a survey from the European Central Bank showed on Friday.

The one-year ahead inflation expectations held steady at 2.8 percent for the third straight month in July after falling in May to the lowest since September 2021, the Consumer Expectations Survey showed.

The survey showed that uncertainty about inflation expectations over the coming twelve months remained unchanged at its lowest level since February 2022, when Russia invaded Ukraine.

Meanwhile, median expectations for inflation three years ahead rose 0.1 percentage point to 2.4 percent.

Income growth expectations as well as spending growth outlook deteriorated in July. Consumer nominal income growth expectations weakened to 1.1 percent from 1.4 percent in June.

Likewise, expectations for nominal spending growth over the next twelve months softened to 3.2 percent from 3.3 percent in June. Nominal spending expectations hit the lowest level since February 2022.

Further, the survey showed that economic growth expectations for the coming twelve months turned more negative. The economy is forecast to shrink 1.0 percent compared to 0.9 percent fall estimated in June.

At the same time, expectations for the unemployment rate for twelve months ahead remained unchanged at 10.6 percent, the lowest level since the start of the series.

Further, consumers expect house prices to increase by 2.6 percent over the next 12 months, which was slightly lower than 2.7 percent projected in June.

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