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Eurozone inflation rose to 2 per cent in October, meeting the European Central Bank’s target.
The annual figure from Eurostat, the EU’s statistics bureau, was slightly above expectations of 1.9 per cent from analysts polled by Reuters.
Last month, annual inflation was 1.7 per cent, falling below the ECB’s target for the first time in more than three years.
The euro edged higher following the release, climbing 0.1 per cent against the US dollar to $1.087.
The ECB has long said it expects headline inflation numbers in the final months of the year to rise, partly due to the impact of a temporary fall in energy prices a year ago.
This is a developing story