Gauge of long-term euro zone inflation hits eight-week high ahead of ECB meet

LONDON (Reuters) - A key market gauge of long-term inflation expectations in the euro zone rose to its highest level in 8 weeks on Thursday, ahead of a European Central Bank meeting.

The five-year, five-year, breakeven forward rate — a measure closely tracked by the ECB— rose to 1.718 percentEUIL5YF5Y=R , after having hit a low of 1.67 earlier this month. It remains below the ECB’s near 2 percent inflation target.

Rising oil and commodity prices have lifted market inflation expectations in recent weeks, with the latest move higher in the five-year, five-year forward coming as the ECB meets on Thursday to discuss monetary policy.