Eurozone's CPI down to 4 year low in September

The consumer price index (CPI) in the eurozone is expected to decline to 0.7 percent in October from 1.1 percent in September, European Union (EU) statistics office Eurostat said Thursday. The single currency area's CPI had dropped to the lowest level since November 2011,showing that there is enough room for the Europen Central Bank which sets the medium-term price stability maintenance target of 2 percent to take some stimulating actions if needed. The prices of food, alcohol and tobacco products were the key inflationary factor in October, which rose by 1.9 percent year on year. In the same month, prices of services rose 1.2 percent on a annual basis, lower than the 1.4 percent in September. Prices of non-energy industrial goods rose 0.4 percent, stable compared with September, and prices of energy industrial goods decreased 1.7 percent, compared with 0.9 percent decrease last month.