Inflationary pressures in Greece were strong in October, with the consumer price index (CPI) in the euro area as a whole rising slightly more than expected, but exactly in line with the ECB's target.

Specifically, according to preliminary Eurostat data, the eurozone CPI ran at a 2% annual rate, accelerating from last month's 1.7%, while the average analyst estimate was for a slightly lower increase of 1.9%.

On a monthly basis, eurozone prices rose 0.3% after a monthly decline of 0.1%. In Greece, price pressures escalated further, with CPI showing a 3.2% pace from 3% in September.

In the October-September monthly comparison, however, the index showed a small increase of 0.2%, following the +1.7% increase in the previous reading.

In the euro area as a whole, underlying inflationary pressures remained unchanged, which were expected to show a slight pullback.