Inflation in the eurozone slightly weakened in October due to slower growth in energy prices, according to preliminary estimates from the European statistical office released on Wednesday.
Eurostat estimates that the annual inflation in the 17 eurozone countries in October was 2.5 percent, down from 2.6 percent in September. This means it remains above the level targeted by the European Central Bank (ECB), which is set slightly below two percent.
The main driver of inflation was higher energy prices, which rose by 7.8 percent, at a slightly slower pace than in September when they increased by 9.1 percent. The second largest driver of inflation was food, which became 3.2 percent more expensive in October compared to the same month last year, following a 2.9 percent increase in September.
