Expectations for economic growth over the next 12 months became marginally more negative, standing at minus 1.3 per cent compared with minus 1.2 per cent in September, while the expected unemployment rate in 12 months’ time remained unchanged during the month, at 11.4 per cent.

Expectations for nominal income growth over the next 12 months and expectations for nominal spending growth decreased slightly during the month.

The median rate of perceived inflation over the previous 12 months decreased to 7.8 per cent from 8 per cent in September.

Median expectations for inflation over the next 12 months remained unchanged at 4 per cent, and those for inflation three years ahead also remained unchanged, at 2.5 per cent.

Inflation expectations, particularly at the three-year horizon, remained well below the perceived past inflation rate, an ECB release said.

Uncertainty about inflation expectations over the next 12 months remained unchanged during the month.

Consumers expected their nominal income over the next 12 months to grow by 1.1 per cent, which was slightly lower than in September (1.2 per cent).

The perceived unemployment rate declined to 10.9 per cent from 11.1 per cent in September.

Fibre2Fashion News Desk (DS)