Title: Decline in Inflation Rates in the European Union

Data released today, Friday, revealed that the rise in the prices of services and food was the main factor behind the increase in consumer prices in the euro area in October, while the European statistics office confirmed a significant slowdown in annual inflation. The European Union's statistics office, Eurostat, stated that inflation in the 20 countries using the common currency fell to 2.9 percent year-on-year in October after prices increased by 0.1 percent on a monthly basis. The European Central Bank aims to keep inflation within a medium-term range of 2.0 percent and has raised interest rates to record levels to slow price growth, which has simultaneously slowed economic growth in the euro area.