This assessment is also reflected in the December 2012 eurosystem staff macroeconomic projections for the euro area, which foresee annual HICP inflation of 2.5 percent for 2012, between 1.1 percent and 2.1 percent for 2013 and between 0.6 percent and 2.2 percent for 2014. Compared with the September 2012 ECB staff macroeconomic projections, the projection range for 2013 has been revised downwards.In the Governing Council's assessment, risks to the outlook for price developments are seen as broadly balanced, with downside risks stemming from weaker economic activity and upside risks relating to higher administered prices and indirect taxes, as well as higher oil prices.
ECB President Mario Draghi's Speech
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