ECB Macro Projections: Lowers 2025 and 2026 headline inflation forecasts, raises 2025 core inflation forecast; 2025 growth unchanged but 2026 revised down by one-tenth to 1.1%

HICP INFLATION:

• 2025: 2.0% (prev. 2.3%)
• 2026: 1.6% (prev. 1.9%)
• 2027: 2.0% (prev. 2.0%)

HICP CORE INFLATION (EX-ENERGY & FOOD):

• 2025: 2.4% (prev. 2.2%)
• 2026: 1.9% (prev. 2.0%)
• 2027: 1.9% (prev. 1.9%)

GDP:

• 2025: 0.9% (prev. 0.9%)
• 2026: 1.1% (prev. 1.2%)
• 2027: 1.3% (prev. 1.3%)