ECB Consumer Expectations Survey (Feb): 97% of the responses were recorded before the onset of the war in the Middle East on 28 February; Median consumer perceptions of inflation over the past 12 months remained unchanged

The ECB's Consumer Expectations Survey reveals that 97% of responses were collected before the recent conflict, suggesting that current inflation perceptions may not fully reflect emerging shocks. With median inflation expectations stable, this could signal that the ECB's current policy stance remains appropriate, but the evolving geopolitical landscape may prompt reevaluation in future assessments.