ECB leaves lending rates unchanged

FRANKFURT, Germany, Oct. 8 (UPI) -- The European Central Bank held its overnight bank-to-bank lending rate at 1 percent Thursday, citing a "stabilizing" economy in the European Union.

"While HICP (harmonized index of consumer prices) inflation was still slightly negative in September ... it is expected to turn positive again in the coming months," ECB President Jean-Claude Trichet said at a news conference in Venice.

Price trends generally reflected the price changes in commodities from a year ago, pointing to "low inflationary pressure over the medium term," Trichet said.

Recent data, "further supports our view that the euro area economy is stabilizing and is expected to recover at a gradual pace," he said, however, "uncertainty remains high."