The economists are now anticipating an inflation rate of 3.0 percent, and 2.0 percent in the long term. They also expect gross domestic product to grow by 4.2 percent.
ECB monetary policy experts have significantly revised their inflation expectations for the euro zone upwards this year. They are now assuming an increase in consumer prices of 3.0 percent, as announced by the European Central Bank (ECB). In autumn they had estimated a value of 1.9 percent.
The ECB is targeting 2.0 percent inflation as the optimal level for the economy. However, in view of the recently skyrocketing energy prices, inflation in the euro zone in January at 5.1 percent was well above the target mark. For 2023, the experts are now anticipating an inflation rate of 1.8 percent. In the fall they had expected 1.7 percent. For 2024, the economists surveyed by the ECB assume an inflation rate of 1.9 percent.
In the longer term, they predict that the ECB will hit the target mark of 2.0 percent for inflation. In the autumn forecast they had estimated 1.9 percent. The ECB surveys economists four times a year on their growth and inflation forecasts. These survey results always play an important role in the monetary policy deliberations of the central bank.
According to the ECB, gross domestic product (GDP) will grow by 4.2 percent in the euro zone in 2022. For 2023, the central bank expects growth of 2.7 percent and for 2024 an increase of 1.7 percent.