Preliminary statistics released by Eurostat on October 31 showed that affected by falling energy prices, the inflation rate in the Eurozone in October was 2.1% on an annual basis, lower than the 2.2% in September and remaining above the European Central Bank's medium-term target level.
Data show that in the Eurozone, food, tobacco and alcohol prices increased by 2.5% in October, service prices increased by 3.4%, non-energy industrial product prices increased by 0.6%, and energy prices fell by 1.0%. That month, the core inflation rate, which excludes energy, food, tobacco and alcohol prices, was 2.4%, the same as in September.
From a country perspective, the October inflation rates of Germany, France, Italy and Spain, the major economies of the EU, were 2.3%, 0.9%, 1.3% and 3.2% respectively.
The European Central Bank decided on the 30th to continue to keep the three key interest rates in the euro zone unchanged. This is the third consecutive time that the European Central Bank has kept interest rates unchanged since July. European Central Bank President Christine Lagarde said that the current inflation rate in the euro area is still close to the medium-term target of 2%, and the European Central Bank's assessment of the inflation outlook generally remains unchanged.
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