Euro zone inflation rose in October at its fastest pace in nearly six years, driven by energy prices, the European Union statistics agency said today, confirming its earlier estimate. 

But the core inflation measure which excludes energy and food was revised down. 

Eurostat said that consumer prices in the euro zone rose 2.2% year-on-year in October after a 2.1% increase in September and a 2% gain in August. 

The October gain was the biggest increase since December 2012. 

The headline figure supports the European Central Bank's decision to end its price-boosting bond-buying programme at year-end, as inflation is now overshooting the ECB target of price growth below, but close to, 2% over the medium term. 

In less positive news for the ECB, inflation excluding the volatile components of energy and unprocessed food - the core indicator that the central bank watches in its policy decisions - was revised down by Eurostat to 1.2% on the year, from a previous estimate of 1.3%. 

It was however still growing faster than the 1.1% increase posted in September.

On the month, headline inflation went up by 0.2% in October, in line with market expectations, but slowing from 0.5% in September. 

The narrower core indicator, watched by many market participants, which excludes energy, food, tobacco and alcohol, was confirmed at 1.1% on the year. 

The rise in headline inflation was mostly driven by energy prices which jumped 10.7% year-on-year in October, while prices for other industrial goods went up by only 0.4%. 

Inflation in the services sector, the largest in the euro zone economy, was 1.5% on the year, but prices dropped by 0.3% on the month.