BRUSSELS, Oct. 31 (UPI) -- The annual inflation rate in the 17-member eurozone dropped to 0.7 percent in October for a third consecutive decline, Eurostat estimated Thursday.
The official statistics office for the European Commission said the flash estimate for the inflation rate for the 17-member currency region dropped from 1.1 percent in September to less than 1 percent, marking a downward trend that began at 1.6 percent in June and July.
The annual inflation rate for the currency region has dropped from 2.5 percent in October 2012.
Eurostat estimated food, alcohol and tobacco prices posted an annual inflation rate of 1.9 percent, down from 2.6 percent in September while energy prices shrank at an annual rate of 1.7 percent, a faster decline than the 0.9 percent rate energy prices were dropping in September.
Core items, which exclude food and energy items, rose 0.8 percent, Eurostat estimated.
Flash estimates on consumer prices are released two weeks before a final estimate is released. The flash estimates are generally based on 85 percent of the total data that goes into the final estimate.
