In September 2025, median consumer perceptions of past inflation remained at 3.1%, unchanged from August, while 12-month inflation expectations slightly declined to 2.7%. Longer-term expectations—three and five years ahead—remained stable at 2.5% and 2.2% respectively. Lower-income households continued to perceive slightly higher inflation than higher-income households, whereas younger consumers reported lower inflation expectations than older age groups.
Nominal income growth expectations remained at 1.1%, while expected spending growth over the next 12 months rose to 3.5%, with lower-income households anticipating slightly higher spending than higher-income groups.
Economic growth expectations for the next year were unchanged at -1.2%, and expected unemployment remained at 10.7%, with a stable outlook across income groups.
Housing market expectations strengthened: consumers anticipated a 3.5% increase in home prices, and mortgage interest rates were expected to rise slightly to 4.6%. Households continued to report tighter credit access over the past year, and expectations for stricter credit conditions over the next 12 months rose for the third consecutive month.
The survey covered around 19,000 adults across 11 euro area countries, providing insights into inflation perceptions, spending, income, housing, and credit conditions.
