ECB Monthly Bulletin, December 2004

The European Central Bank published its December 2004 Monthly Bulletin on Thursday 9 December, saying the outlook for inflation in the eurozone is "worrisome" after a 33 percent appreciation in the price of oil over the past year.

"The short-term outlook for inflation remains worrisome," the ECB said in its monthly report. "There are upside risks to price stability over the medium term. Continued vigilance is of the essence with regard to those risks."

The ECB said ``upside risks'' to inflation

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