Consumers in the euro zone lowered their inflation expectations in February and now have a more optimistic view of growth and unemployment, according to a new survey by the European Central Bank (ECB).

Over the next 12 months, expectations of inflation have dropped to 4.6 percent from the previous 4.9 percent the ECB reported on Tuesday, based on a monthly survey of 14,000 adults in the six largest euro zone countries.

Although consumers still expect an economic downturn, even after solid indicators suggest the bloc has avoided recession, they have become slightly more optimistic in their assessments.

Expectations for growth in the next 12 months increased to -0.9 percent, compared to -1.2 percent on the month while the estimate of the unemployment rate in the next 12 months softened to 11.5 percent from 11.6 percent.

Regarding income growth, however, consumers have become more pessimistic and expect their nominal income to increase by 1.2 percent in the coming year, down from 1.3 percent in January.

Actual nominal income growth is running in the 5 percent to 6 percent range and some policymakers are worried that this is out of sync with a 2 percent inflation target, even if consumers are still just catching up after two years to ultra-fast inflation.