Eurozone inflation slightly higher in October

[BRUSSELS] Inflation in the 18 countries sharing the euro edged up slightly in October, a first estimate by the European Union's statistics office showed on Friday, giving some hope to policy makers that price deflation can be avoided.

Eurostat said consumer prices in the eurozone rose by 0.4 per cent in October, in line with market expectations, the day after inflation in Germany, Europe's largest economy, slowed in October to 0.7 per cent, its lowest reading since May.

The European statistics office said prices rose fastest for services, 1.2 per cent, followed by the 0.5 per cent increase for food, alcohol and tobacco.