| 3.8°C Dublin

Rates dip pressure

EUROZONE inflation unexpectedly dropped in October and unemployment stood at a record high in September, increasing pressure on the European Central Bank to further cut interest rates.

Inflation in the eurozone fell to 0.7pc year-on-year in October as energy costs fell 1.7pc on the year, the lowest reading since November 2009.

The inflation rate dropped below 1pc for the first time since February 2010, a flash estimate from the European Union's Statistics Office showed. Analysts expected the inflation rate to be flat at 1.1pc in October.