ECB expects inflation to increase in the euro zone

A new European Central Bank survey showed on Friday that inflation expectations among euro zone consumers rose for next year and remained stable for three years, adding to the evidence that the final stage of curbing price growth may be difficult.

Inflation fell rapidly last year and is now just below three percent, but the ECB said it may take more than another year to fall to its two percent target despite a record series of interest rate hikes and weak economic growth.

The European Central Bank said, based on a survey that included 19,000 adults in 11 member states of the euro zone, that average expectations for inflation in the next twelve months rose to 3.3% in January compared to 3.2% in December, while expectations for the next three years remained below. Change at 2.5%.