December 1, 2016 / 10:45 AM / 9 months ago

Market gauge of long-term euro zone inflation rises to 11-month high

LONDON, Dec 1 (Reuters) - A market gauge of long-term euro zone inflation expectations hit its highest level since January on Thursday, as a surge in oil prices boosted expectations for higher inflation in the months ahead.

A deal by the Organization of the Petroleum Exporting Countries (OPEC) and Russia on Wednesday to reduce output to drain a global supply glut has pushed oil prices to six-week highs above $52 a barrel and added to growing expectations about a pick-up in inflation globally.

The euro zone five-year, five-year breakeven forward, which is followed closely by the European Central Bank, rose to 1.6424 percent, its highest level since January. (Reporting by Dhara Ranasinghe, editing by Nigel Stephenson)

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