ECB Consumer Expectations Survey (Nov 2025 vs Oct 2025): median consumer perceptions of inflation over the previous 12 months remained unchanged, as did median inflation expectations for the next 12 months, for three years ahead and for five years ahead

• 1-year: 2.8% (prev. 2.8%)
• 3-year: 2.5% (prev. 2.5%)
• 5-year: 2.2% (prev. 2.2%)

The ECB Consumer Expectations Survey indicates stable median inflation perceptions across all timelines examined, suggesting that consumer expectations remain anchored. This stability implies limited immediate pressure on the ECB to adjust monetary policy, as entrenched inflation expectations may reduce the urgency for rate hikes or other interventions.