Full report here The latest ECB Survey of Professional Forecasters (SPF) showed a complex environment for the Eurozone economy in the short-term, characterized by higher inflationary pressures and softening growth.
Full report here The latest ECB Survey of Professional Forecasters (SPF) showed a complex environment for the Eurozone economy in the short-term, characterized by higher inflationary pressures and softening growth. Professional forecasters have adjusted their expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), projecting a rate of 2.7% for 2026 and 2.1% for 2027.
These figures represent upward revisions from the previous quarterly survey. Looking further ahead though, expectations for 2028 remain steady at 2.0%, aligning with the ECB’s medium-term target. Core inflation expectations, which provide a clearer view of underlying price pressures by stripping out volatile energy and food costs, have also seen near-term increases.
Forecasters now anticipate core HICP at 2.2% for both 2026 and 2027, with a slight cooling to 2.1% in 2028. Despite these adjustments, long-term expectations remain anchored. The outlook for real economic activity saw downward revisions.