Euro-zone inflation will jump to 2.7% on average this year but return close to the European Central Bank’s 2% target already next year, according to the institution’s quarterly survey of professional forecasters.

Respondents revised up their expectations for 2026 significantly — from 1.8% in the previous round — while they see price gains of 2.1% and 2% in 2027 and 2028. At the same time, they forecast slightly slower economic growth than before.