ECB staff projections

Staff expect economic growth to average 0.9% in 2026.

In the baseline, headline inflation is seen to average 2.6% in 2026, 2.0% in 2027 and 2.1% in 2028.

For inflation excluding energy and food, staff project an average of 2.3% in 2026.

For inflation excluding energy and food, staff project an average of 2.2% in 2027.

In the baseline, headline inflation is seen to average 2.0% in 2027.

Staff expect economic growth to average 1.3% in 2027.

Staff expect economic growth to average 1.4% in 2028.

In the baseline, headline inflation is seen to average 2.1% in 2028.

For inflation excluding energy and food, staff project an average of 2.1% in 2028.