You Won't Believe It: Inflation Announced in European Union Countries 0 11

Annual inflation in the eurozone, according to preliminary estimates, slowed down in October to 2.1 percent from 2.2 percent in September. This is reported on the Eurostat website.

The main drivers of overall price growth remain the increase in the service sector, which amounted to 3.4 percent, as well as the cost of food, alcohol, and tobacco, which rose by 2.5 percent over the year, according to the materials.

Among individual countries (the eurozone includes a total of 20 states), the highest price growth year-on-year in the second autumn month was recorded in Estonia (4.5 percent), Latvia (4.2 percent), Austria and Croatia (4.0 percent each), and Slovakia (3.8 percent). The lowest levels were in Cyprus (0.3 percent) and France (0.9 percent).

On the eve of October 30, the European Central Bank did not change the three main interest rates, keeping the rates on deposits, main refinancing operations, and marginal lending unchanged since July at 2, 2.15, and 2.4 percent, respectively. Against this backdrop, the ECB stated its "determination to ensure the stabilization of inflation at the target level of two percent in the medium term."