Eurozone inflation edges up as low oil price impact fades

Official figures from the European Union show that consumer price inflation across the 19-country eurozone edged up in October to its highest level for more than two years as the impact of lower oil prices waned.

EU statistics agency Eurostat said Monday that the annual rate rose to 0.5 percent in the year to October from the previous month's 0.4 percent. October's rate is the highest since June 2014, when inflation was also 0.5 percent.

The increase was due largely to the fact that energy prices were only 0.9 percent lower in the year to October compared with 3 percent in September.

Separately, Eurostat found economic growth unchanged at 0.3 percent in the third quarter from the previous three-month period. Both outcomes were in line with market expectations.