2019.10.3110:39:00UTC+00Eurozone Inflation Lowest In 3 Years

Eurozone's inflation slowed in October to its lowest level in nearly three years, flash estimates from the Eurostat showed on Thursday.

The consumer price index rose 0.7 percent year-on-year following a 0.8 percent increase in September. The inflation rate was in line with economists' expectations.

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

Meanwhile, core inflation, which excludes energy, food, alcohol & tobacco, 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. Economists had expected the figure to remain unchanged.

Services costs logged the biggest increase among components, up 1.6 percent after a 1.5 percent rise in September. Prices of non-energy industrial goods climbed 0.3 percent after a 0.2 percent increase.

Prices of food, alcohol and tobacco rose 1.6 percent annually, same as in the previous month. Energy prices fell for a third month, down 3.2 percent versus 1.8 percent in September.

Compared to the previous month, euro area consumer prices rose 0.2 percent in October.

Eurostat is set to release full data for October inflation on November 15.