The European Central Bank's Consumer Expectations Survey shows the median forecast for inflation in the eurozone over the next 12 months fell to 3.0% in June, down from 3.5% in May. The decline is thought to have been influenced by falling energy prices amid a temporary ceasefire in the Middle East, though the truce proved short-lived. Inflation expectations three years ahead dropped from 2.9% to 2.8%, while the five-year outlook remained unchanged at 2.4%.