Eurozone inflation increased in October due to higher service ‎and food prices

Data on Friday revealed that rising service and food prices were the main factor in the increase in consumer prices in the euro zone in October, while Eurostat confirmed that inflation slowed sharply year-on-year.

European Union statistics office, Eurostat, said that inflation in the 20 countries that use the single currency fell to 2.9 percent on an annual basis in October, after prices increased by 0.1 percent on a monthly basis.

European Central Bank wants to keep inflation at 2.0% in the medium term, and raise interest rates to record levels to slow price growth, which at the same time slowed economic growth in the euro zone.