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Euro zone inflation confirmed as slowing to 0.7% in October

Euro zone’s headline inflation slowed in October, the European Union statistics office said today as it confirmed its earlier estimate, with energy prices falling markedly. 

Eurostat also said the 19-country bloc posted in September a larger surplus in its trade with the rest of world, as exports grew more than imports. 

Inflation was confirmed at 0.7% on the year, down from 0.8% in September, in line with preliminary estimates Eurostat issued on October 31. 

The slowdown was caused by a 3.1% drop in energy prices, which more than offset the 1.5% inflation rate recorded in services and for food, alcohol and tobacco products. 

The narrower inflation indicator, which strips out volatile energy and unprocessed food prices and is monitored closely by the European Central Bank, was confirmed at 1.2%, unchanged from September. 

Excluding energy, food, alcohol and tobacco, inflation grew 1.1% in October, Eurostat said confirming earlier figures, up from 1.0% in September. 

In a separate release, Eurostat said the bloc’s trade surplus expanded to €18.7 billion in September, up from €12.6 billion recorded in September 2018. 

It also grew from the €14.7 billion surplus posted in August. 

Despite trade tensions, the bloc increased by 5.2% its export of goods to the rest of the world in September compared to the previous year, more than offseting a 2.1% rise in imports.

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