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Eurozone Inflation Confirmed At 3-year Low

Eurozone's inflation slowed in October to its lowest level in nearly three years, latest data from the Eurostat confirmed on Friday.

The consumer price index rose 0.7 percent year-on-year following a 0.8 percent increase in September. The flash inflation rate was left unrevised.

The latest inflation rate was the lowest since November 2016, when it was 0.6 percent.

The initial estimate for core inflation, which excludes energy, food, alcohol & tobacco, was also confirmed. The figure rose for a second straight month, to 1.1 percent from 1 percent in the previous month.

The rate of core inflation was the highest in four months.

Services costs and prices of food, alcohol and tobacco logged the biggest increases among components.

Services costs grew 1.5 percent, same as in the previous month. Prices of food, alcohol and tobacco rose 1.6 percent annually, after a 1.6 percent increase in September.

Prices of non-energy industrial goods climbed 0.3 percent after a 0.2 percent increase. Energy prices fell for a third month, down 3.1 percent versus 1.8 percent in September.

Compared to the previous month, euro area consumer prices rose 0.1 percent in October. The flash estimate was 0.2 percent.

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