ECB Consumer Expectations Survey results – May 2026

In May, the median rate of perceived inflation over the previous 12 months remained unchanged at 4.0%. Median expectations for inflation over the next 12 months decreased to 3.5%, from 4.0% in April. Expectations for inflation three years ahead remained unchanged at 2.9% and inflation expectations for five years ahead remained unchanged at 2.4%. Uncertainty about inflation expectations over the next 12 months decreased but remained at a higher level than before the start of the war in the Middle East. Respondents in lower-income quintiles continued to report higher inflation perceptions and expectations, on average, than those in higher-income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70).

Consumers’ nominal income growth expectations over the next 12 months increased to 1.0%, from 0.8% in April. Meanwhile, perceived nominal spending growth over the previous 12 months increased to 5.4%, from 5.3% in April. Expected nominal spending growth over the next 12 months decreased to 3.8%, from 4.3% in April, with respondents in the lowest three income quintiles expecting slightly h

Fuente original: Banco Central Europeo (https://www.ecb.europa.eu//press/pr/date/2026/html/ecb.pr260626_1~60a21704a8.en.html)