ECB consumer expectations survey results – May 2026

The European Central Bank (ECB) has published the results of its Consumer Expectations Survey for May 2026. The survey indicates that, compared to April 2026:

• Median perceptions of inflation over the past 12 months remained unchanged at 4.0%. Expectations for inflation over the next 12 months decreased from 4.0% to 3.5%. Expectations for inflation three and five years ahead remained steady at 2.9% and 2.4%, respectively.
• Expectations for nominal income growth over the next 12 months increased to 1.0%, from 0.8%. Perceived nominal spending growth over the past 12 months rose slightly to 5.4%, while expectations for spending growth over the next 12 months decreased to 3.8% from 4.3%.
• Economic growth expectations for the next 12 months improved to -1.7% from -2.2%. The expected unemployment rate in 12 months increased marginally to 11.3% from 11.2%, with lower-income households expecting higher unemployment rates.
• Consumers expect home prices to increase by 3.6% over the next year, slightly down from 3.7%. Expectations for mortgage interest rates remained at 4.9%. The net percentage of households reporting tighter credit conditions increased, reaching the highest level since February 2024, while expectations for future credit tightening decreased.

The next release of the Consumer Expectations Survey results is scheduled for 24 July 2026. For media inquiries, contact Benoit Deeg at +49 172 1683704.

More details are available at the official ECB press release: ECB Press Release.