ECB consumer expectations survey results – April 2026

The European Central Bank has published the consumer expectations survey results for April 2026. Key findings include a significant increase in perceived inflation over the past 12 months, rising to 4.0% from 3.5% in March.

Expectations for inflation over the next 12 months remained at 4.0%, while expectations for inflation three years ahead decreased slightly to 2.9%. Expectations for inflation five years ahead stayed at 2.4%. Uncertainty regarding inflation expectations over the next 12 months remains high.

Consumers’ nominal income growth expectations over the next 12 months decreased to 0.8% from 1.2%. Perceived nominal spending growth over the past 12 months increased to 5.3%, and expectations for spending growth over the next year rose to 4.3%.

Economic growth expectations for the next 12 months became more negative, decreasing to -2.2% from -2.1%. The expected unemployment rate in 12 months decreased slightly to 11.2% from 11.3%. Lower-income households expect higher unemployment rates (13.3%) compared to higher-income households (9.4%).

Consumers expect home prices to increase by 3.7% over the next 12 months, unchanged from March. Expectations for mortgage interest rates remain at 4.9%. The net percentage of households reporting tighter credit conditions increased, reaching the highest level since October 2023. The share of households applying for credit in the past three months declined to 13.4%, the lowest since April 2023.

The next release of the survey results is scheduled for June 26, 2026. For media inquiries, contact Benoit Deeg at +49 172 1683704.