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| Version 1 | Version 2 |
|---|---|
| Eurozone inflation edges up to 0.4% | Eurozone inflation edges up to 0.4% |
| (about 1 hour later) | |
| Inflation in the eurozone rose slightly in October, giving some hope that the spectre of deflation can be staved off. | Inflation in the eurozone rose slightly in October, giving some hope that the spectre of deflation can be staved off. |
| The flash inflation figure of 0.4% for October was up from 0.3% in September, Eurostat said. | The flash inflation figure of 0.4% for October was up from 0.3% in September, Eurostat said. |
| The services sector was the biggest influence on the rise, showing an increase of 1.2% compared with a 1.1% rise in September. | The services sector was the biggest influence on the rise, showing an increase of 1.2% compared with a 1.1% rise in September. |
| The eurozone's unemployment rate remained unchanged at 11.5% in September compared with August. | |
| 'Crumb of comfort' | 'Crumb of comfort' |
| The European Central Bank's (ECB) inflation target is close to, but below 2%. However, the decline in the inflation rate, together with sluggish growth, has put the bank under pressure to step up its stimulus measures. | The European Central Bank's (ECB) inflation target is close to, but below 2%. However, the decline in the inflation rate, together with sluggish growth, has put the bank under pressure to step up its stimulus measures. |
| The ECB has already cut its benchmark interest rate to 0.05% and started an asset purchase programme. | The ECB has already cut its benchmark interest rate to 0.05% and started an asset purchase programme. |
| Howard Archer, an economist at IHS Global Insight, described the pick-up in inflation as a "small crumb of comfort". | Howard Archer, an economist at IHS Global Insight, described the pick-up in inflation as a "small crumb of comfort". |
| "Nevertheless, October marked the 13th successive month that eurozone consumer price inflation has been less than 1% and there is still a significant risk that extended very low inflation could ultimately morph into deflation, especially given weak oil prices and still muted eurozone economic activity," he said. | |
| With inflation still anaemic and the unemployment rate still close to a record high, Jennifer McKeown of Capital Economics said there remained "a significant risk of deflation". | |
| Unemployment still high | |
| Unemployment was down from 12% in September last year in the 18 countries that use the euro. That meant more than 18.3 million people were without a job in the region and just over 24.5 million in the European Union as a whole. | |
| Germany and Austria have the lowest unemployment rates at 5% and 5.1% respectively, while Greece still has the highest proportion of jobless people at 26.4%. | |
| Eurostat said the number unemployed for those aged between 15 and 24 stood at 3.34 million in the eurozone and just under 5 million across the EU. | |
| Data was not given for the rate of youth unemployment in Greece, but Spain recorded the highest figure at 53.7%. |