Eurozone consumers have raised their inflation expectations for both the short and medium term, while turning more pessimistic about economic growth prospects over the coming year, according to a survey released by the European Central Bank (ECB) on Tuesday.
The ECB published the results of its March Consumer Expectations Survey on eurozone consumers' outlook for the economy.
The poll showed that eurozone consumers expect inflation to hit 4 percent over the next 12 months, while their inflation expectations for the next three years also rose to 3 percent, both well above the ECB's 2-percent target.
Meanwhile, the survey also indicated that consumers in Europe have become more pessimistic about economic growth over the next 12 months, with most respondents expecting the eurozone economy to contract over the coming year.
The ECB's Consumer Expectations Survey is conducted online on a monthly basis, currently covering around 19,000 adult consumers from 11 eurozone countries.
Latest European Central Bank survey indicates surging inflation expectations
