EU Commission Worsens 2017 Eurozone Inflation Forecast by 0.3% to 1.7%

The European Commission increased its euro area 2017 inflation forecast up to 1.7 percent, 0.3 percent higher than in its previous fall forecast.

BRUSSELS (Sputnik) – The inflation in the area increased rapidly reaching almost 2 percent from just 0.2 percent in 2016.

The Eurozone 2018 forecast remains at the same level, 1.4 percent.

The expectation for the European Union are close, with 1.8 percent in 2017 and 1.7 in 2018.

Inflation is one of the main benchmarks for the European Central Bank (ECB) which aims at keeping inflation below, but close to 2 percent over the medium term.