ECB cuts eurozone inflation forecasts for 2016, 2017

FRANKFURT : The European Central Bank on Thursday lowered its inflation forecast for the next two years, as it unleashed a new bout of stimulus in a bid to shore up consumer prices.

Euro area inflation for 2016 is expected to reach 1.0 percent rather than 1.1 percent previously forecast. For 2017, the inflation is seen reaching 1.6 percent, down from the previous prediction of 1.7 percent, said ECB president Mario Draghi.


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