October 11, 2016 / 9:17 AM / a year ago

Market gauge of long-term euro zone inflation highest since mid-June

LONDON, Oct 11 (Reuters) - A key market measure of long-term inflation expectations in the euro zone rose on Tuesday to its highest level since mid-June, following a surge in oil prices to one-year highs.

The move came as global benchmark bond yields hit multi-month highs after Brent crude peaked on Monday when Russia said it was ready to join a group of oil producers planning to curb oil output.

The five-year, five-year breakeven forward, a market measure of the euro zone’s long-term inflation expectations tracked by the European Central Bank, rose to 1.385 percent, its highest level since Britain voted to leave the European Union nearly four months ago. (Reporting by Abhinav Ramnarayan, Editing by John Geddie)

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