Irish consumers more pessimistic about inflation than their EU counterparts

The average consumer here expects prices to rise 3% over the next year

For the previous 12 months, Irish consumers feel prices jumped by 5.4%, above the EU average of 4.9%. Picture: Denis Minihane.

Consumers' expectations of future inflation held steady last month, according to the latest survey from the European Central Bank (ECB) as it mulls a second interest rate cut in September.

According to the monthly Consumer Expectations Survey (CES) which samples the views of 19,000 adults across Ireland and 10 other EU countries, consumers expect prices to increase by 2.8% over the next year, a rate unchanged from last month's survey. Average expectations for inflation over the next three years were also unchanged in June, at 2.3%.