Euro-area inflation hits 4%, but underlying pressures remain stable
• October headline inflation: 4%; energy inflation rose to 20.8% from 18.9%
• Core inflation held at 2.5%; services edged up to 3.3%
• No signs of second-round effects beyond projections; wage indicators under close watch
• Higher energy futures and long-term rates will feed into the next forecast
• Rates remain data-dependent, meeting by meeting; no commitment on December
• No policy tool ruled out, subject to criteria and Governing Council judgment