Oil prices to push up eurozone inflation: ECB survey

BERLIN: Rising oil prices will lead to higher inflation in the eurozone over the next two years than previously expected, a European Central Bank survey said on Friday.

The report comes a day after ECB president Mario Draghi said it was still too early for the bank to start scaling back its easy money policies despite a recent spike in consumer prices.

According to the ECB's quarterly survey of professional forecasters, eurozone inflation is expected to rise by 1.4 percent in 2017 and 1.5 percent next year, up from a previous estimate of 1.2 and 1.4 percent.

"These upward revisions largely reflect the increase in the price of oil," the ECB said in a statement.