Meanwhile the ECB's survey of 19,000 euro area consumers showed a similar uptick in expectations last month. Median expectations for inflation over the next 12 months increased for the third month in a row, to 2.8% from 2.6%. However, three years out, expectations were unchanged at 2.4%.

European Central Bank policymakers backed further policy easing on Friday just a day after the bank's fourth straight rate cut, despite fresh surveys pointing to continued inflation momentum. The ECB cut interest rates to 2.