The European Central Bank on Thursday slightly lowered its inflation forecasts for the next two years, chief Mario Draghi said.

Consumer prices are expected to rise by 1.2 percent in 2018, and by 1.5 percent in 2019, said the ECB, shaving 0.1 percentage points off each of the two forecasts.

The bank kept its 2017 inflation projection unchanged at 1.5 percent.