Euro-zone households continue to see inflation running above the European Central Bank’s target, the ECB’s latest Consumer Expectations Survey shows. The median respondent in July expected consumer prices to rise 2.6% over the coming 12 months, unchanged from June and still higher than the central bank’s 2% goal. Longer-term views were broadly steady. Expectations three years ahead inched up to 2.5% from 2.4%, while the five-year outlook remained at 2.1% for an eighth consecutive month. Perceived inflation over the past year held at 3.1%. The figures arrive as policymakers weigh the timing of potential rate cuts. The Governing Council left its key rate at 2% in July and is widely expected to hold again on 11 September before revisiting the issue later in the year amid mounting economic headwinds, including the impact of U.S. trade tariffs. Persistently above-target expectations could complicate that debate.