Euro Zone Inflation Hits a Two-Year Low, Below Expectations, at 2.9% in October

Euro zone inflation dropped to a two-year low of 2.9% in October, below expectations, while core inflation decreased to 4.2% year-on-year. The euro zone economy contracted by 0.1% in the third quarter and is expected to have slow growth in the coming years. Growth and inflation rates vary among euro zone countries, with Latvia experiencing the highest growth followed by Belgium and Spain. Ireland had the highest decline. The European Central Bank had raised interest rates multiple times before pausing last week.