Mubasher: Final estimates indicated that the Eurozone annual inflation grew at 0.7% in October, down from 0.8% in September, according to official data released on Friday.

Annual inflation in the European Union (EU) grew at 1.1% last October, edging down from 1.2% in the previous month, the EU statistical office Eurostat said.

Inflation rates in both of the Eurozone and the EU came in at 2.3% a year earlier.

The Eurostat said that the biggest contribution last month in the Eurozone came from prices of the services at 0.69%, followed by 0.29% for food, alcohol and tobacco, 0.07% by non-energy industrial products.

However, those upward contributions were partially muted by a decline of 0.32% of the energy product prices.

The weakest annual rates were recorded in Cyprus at 0.5%, Greece at 0.3%, and Portugal at 0.1%.

At the other end of the spectrum, the highest inflationary levels were seen in Romania at 3.2%, Hungary at 3% and Slovakia at 2.9%.

By 10:40 am GMT, the EUR/USD pair ticked up by 0.02% to $1.1024.