Page last updated at 11:51 GMT, Friday, 31 October 2008

Eurozone inflation falls to 3.2%

Oil well
Falling oil prices have brought down inflation

Inflation across the 15 nations that share the euro fell to an annual rate of 3.2% in October, raising the chances of a cut in interest rates next week.

Eurozone inflation has steadily fallen back from an all-time high of 4.1% in July, as crude oil prices have declined sharply from their record peaks.

With inflation continuing to fall, analysts say the European Central Bank (ECB) has scope for more rate cuts.

Many now predict a further half-point cut next week to 3.25%.

The ECB last cut rates to 3.75% from 4.25% at the start of this month, in a co-ordinated move with the Bank of England and Federal Reserve.

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