Issing: Inflation forecasts may rise with oil

European Central Bank chief economist Otmar Issing said in an interview that the ECB may have to revise its inflation forecasts upwards after the latest increase in oil prices.

"If we were to conduct our projection now, the assumption would be for higher oil prices than in the March projection," Issing said in an interview with the International Herald Tribune.

Issing acknowledged that the ECB has underestimated inflation in the past, chiefly because it did not take into account until last year

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