The latest consumer price data, while confirming earlier estimates, showed that in the month of October, cheaper food and fuel dragged down the Euro zone consumer price index for a fifth month running in annual terms.

European Union statistics agency Eurostat told that the 16-country region saw the price increasing by 0.2% month-on-month, while experiencing a drop in the same by 0.1% annually.

After Eurostat on October 30 expected the annual drop to be 0.1 percent, the Economists polled by Reuters had on average hoped for a 0.3% monthly rise. They also looked forward to prices to start increasing annually in November.

In annual terms, the greatest downward impact on the index was seen on fuel for transport, gas, heating oil and food, while it was petrol and food on month-on-month.

“Core inflation, which strips out volatile food and energy prices, was 0.3 percent on the month and 1.0 percent year-on-year, the latter down from 1.1 percent in September and 1.2 percent in August,” confirmed the data.

Over the medium term, the European Central Bank expects infaltion to be just below by 2% and since May, it has reserved interest rates unchanged at a record low of 1%. It observes the core number closely for signs of inflationary pressure.

The Eurostat data forwarded a decrease by 0.2% in energy prices on the month and 8.5% annually. Against September, the food prices were flat and 1.5% lesser than a year before.