According to the ECB Consumer Expectations Survey for September 2026, consumers' median perception of inflation over the past 12 months rose to 3.6% from 3.5%. Expectations for the next 12 months increased to 3.1% from 3.0%, while those for three and five years ahead held at 2.9% and 2.5%. Consumers expect income growth of 1.1% and spending growth of 3.7%, while expectations for economic growth turned more negative at -1.5% from -1.2%, and those for unemployment rose to 11.3%. The survey covers about 19,000 respondents in 11 countries including Greece, and the next results are due on 27 November.

What it means: The survey does not measure actual inflation but how consumers perceive it, which matters because it shapes their decisions on spending, saving and wage demands. The September picture is that consumers expect their spending to rise much faster than their income, by more than 2.5 points, which signals pressure on household budgets. For Greek retail, hospitality and service businesses, this means more price-sensitive customers who compare more and look for offers. Inflation expectations three and five years ahead stayed stable, a figure the ECB watches closely for monetary policy. Expected mortgage rates held at 4.9%, while respondents reported tighter access to credit, which matters for anyone planning a home purchase or business borrowing. Expected house price growth stands at 3.5%. The figures are averages across 11 countries, so the Greek picture may differ. For pricing and wage planning, businesses can use the survey as a gauge of sentiment, together with ELSTAT data on consumer prices.

Notice: For information only. Not investment advice or a recommendation to buy or sell.

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