Eurostat, the European Union’s statistical office, released estimates moments ago showing that annual inflation in the Eurozone rose to 4% in October, according to the preliminary reading, compared to 3.8% in September, matching market expectations.

The largest contribution to inflation in October came from the energy sector, which rose by 20.8% after growing by 18.9% in September. Services rose by 3.3% from 3.2% in September, while the food, alcoholic beverages, and tobacco sector index rose by 1.6% from 1.3%, and the non-energy industrial goods index rose by 1.2% from 1.1%.

The core index, which excludes food and energy prices, remained stable at 2.5% in October, unchanged from September and in line with market expectations.