The European Central Bank on Thursday upgraded slightly its forecasts for both inflation and growth in the euro area in 2016, but left its predictions for 2017 and 2018 unchanged.

ECB chief Mario Draghi told a news conference that according to the central bank's latest staff economic projections, area-wide inflation would average 0.2 percent in 2016, and then accelerate to 1.3 percent in 2017 and 1.6 percent in 2018.

At the same time, eurozone growth would average 1.6 percent this year, and 1.7 percent both next year and the year after, Draghi said.