1248 GMT - The European Central Bank raises its expectations for inflation next year and in 2028, noting that the war in the Middle East continues to generate inflation pressure. ECB staff now projects headline inflation to average 2.5% in 2027 and 2.1% in 2028, up from 2.3% and 2.0%, respectively, in June's macroeconomic forecast. This year's inflation forecast is unrevised at 3.0%. For core inflation, which strips out energy and food, the inflation forecast is also seen 0.1 percentage point higher in 2027 and 2028--at 2.6% and 2.3%, respectively--but remains the same 2.5% this year. Risks for inflation are to the upside, the ECB notes. "Inflation is set to remain well above target for an extended period," it says.
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