Data revealed on Friday that rising service and food prices were the main factor in increasing consumer prices in the euro zone in October, while the European Statistics Office confirmed that inflation slowed sharply on an annual basis.
The European Union statistics office Eurostat said that inflation in the 20 countries that use the single currency fell to 2.9% on an annual basis in October after prices increased 0.1% on a monthly basis.
The European Central Bank wants to keep inflation within 2.0% in the medium term, and raise interest rates to record levels to slow price growth, which has at the same time slowed economic growth in the euro zone.