European consumers are feeling the pinch of inflation more acutely than they have in months. The European Central Bank’s Consumer Expectations Survey for April 2026, the most recent wave with published results, showed median perceived inflation over the past 12 months jumped to 4.0%, up from 3.5% in March.
The ECB is set to publish its May 2026 survey results on June 26, and investors across asset classes, crypto included, will be watching closely.
What the April survey actually revealed
The April 2026 CES wave, with fieldwork running from April 2 through May 4, painted a picture of consumers who feel squeezed today but aren’t panicking about tomorrow. Perceived past inflation climbed half a percentage point in a single month.
Inflation expectations for the next 12 months and the 5-year horizon held steady. The 3-year outlook actually edged lower. Consumers think prices have been rising faster recently, but they don’t expect that acceleration to stick around permanently.
