Eurozone CPI beats original estimate in October

Price inflation in the Eurozone grew slightly more than originally estimated but remained well below the European Central Bank’s target, figures released on Monday showed.

The final reading on consumer price index for October, showed CPI grew 0.1% year-on-year last month, compared with a previous estimate indicating stagnant growth and with analysts’ expectations for an unchanged reading.

On a month-on-month basis, CPI advanced 0.1% in October, in line with forecast but slightly lower than the 0.2% reading analysts expected.

Meanwhile, the core CPI, which strips out volatile items such as food and energy prices, rose 1.1% year-on-year, compared with an initial reading of 1% and with analysts’ expectations for a 1% gain.

“These data won’t prevent the ECB from adding monetary stimulus next month, but if the trend continues, it could make the doves’ job more difficult next year,” said analysts at Pantheon Macro.