With oil prices surging in recent weeks, the risk has increased that euro zone inflation will exceed the European Central Bank's projections, ECB Governing Council member Ardo Hansson said on Tuesday.

"There is certainty more upside than we would have thought before the forecast because the forecast was based on data up to the 24th of November," Hansson told a press conference.

"Since that time, the oil price has risen fairly substantially...," Hansson said. "Knowing what we know today, the outlook for inflation has upside risks." (Reuters)

Source: www.businessworld.ie