The European Central Bank on June 11 raised its inflation forecasts while cutting growth expctations for this year as the blockade of the Strait of Hormuz threatens to prolong a surge in global energy prices.
The bank now forecasts inflation of 3.0 percent under its baseline scenario, up from its March figure of 2.6 percent.
Baseline GDP growth is now seen at 0.8 percent for the year, down from a March forecast of 0.9 percent.
