Consumer prices in the eurozone increased by 0.5% in October, according to the latest preliminary inflation figures released by Eurostat.
This comes in line with analysts’ expectations.
Inflation in eurozone member states accelerated in October from 0.4% in the prior month, marking the highest level since June 2014.
The core CPI, consumer prices that exclude food, alcoholic beverages and energy, rose by 0.8% on a yearly basis, after it had increased by the same rate in September.
Energy prices fell by 0.9% after declining by 3% in the previous month. Food, alcohol and tobacco prices rose by 0.4%, while services prices increased by 1.1%.
According to economists, inflation in the euro area has been below the European Central Bank’s target level of 2% for more than three years, despite interest rate cut to record low levels and the bank’s quantitative easing program.