Saturday, May 18, 2024

People who use the euro for their money have high hopes for what will happen to prices in the upcoming months, according to the European Central Bank. This information comes after the central bank slowed down how much it was raising its rates last week, but still mentioned that now isn’t a good time to stop increasing them.

Eurozone Inflation

People in Europe think that prices will go up by 5% in the next year. That’s a lot more than what it was last month! According to the European Central Bank, who looked at their Consumer Expectations Survey (CES), people have really high expectations this time compared to February when it was only 4.6%.

Before last week, a poll was done about the European Central Bank’s (ECB) plan to increase interest rates by 0.25%. The ECB stated that although prices have gone down, there are still signs of pressure which shows that more increases could be coming in the future.

The central bank said that people in their survey think that inflation will be higher in the next 12 months than it was when the survey first started back in April 2020. They also believe that inflation will be 2.9% over the next three years, which is more than it was before (2.4%).

People surveyed expected their salaries to go up 1.3% in the next year, which is higher than the 1.2% that was predicted before. They believed that spending would also go up 4.1%, compared to 3.9% from February.

Unfortunately, Europe felt like things might get worse in the coming year as they estimated economic growth would decline to -1.0%, instead of staying at -0.9%. Similarly, the amount of people who would be out of work in the next twelve months was estimated to increase to 11.7%, from 11.5%.

Every month, the European Central Bank (ECB) does an online survey with 14,000 people from six different countries in Europe: Belgium, Germany, Spain, France, Italy and the Netherlands. They look at the results to help them make decisions about money policies. The latest survey supports some members of the ECB who thought that inflation is still high enough for interest rates (what banks charge for lending you money) to go up.

Do you think people’s thoughts about how rising prices in the eurozone will change in the future surveys? Put your reply in the comments section.

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