Eurozone Inflation Pressures Ease

LONDON, Dec 7 (Reuters) - Euro zone inflationary pressures eased marginally in October owing to a drop in Spain, but remained close to seven-year highs, according to an indicator produced by the Economic Cycle Research Institute.

The Eurozone Future Inflation Gauge, which aims to predict cyclical turns in euro zone inflation was 107.1 in October, slightly down on September's seven-year high of 107.3.

The gauge remained high as price pressures rose in the three biggest economies, Germany, France and Italy.

"Despite its latest downtick, the EZFIG remains close to September's seven-year high, indicating that euro zone inflation pressures are still elevated," ECRI said in a report.

Official euro zone inflation rose to a 6-1/2-year high of 3.0 percent in November.

The European Central Bank left interest rates on hold on Thursday at 4.0 percent, as was widely expected. But it raised its projection for inflation next year to a mid-point of 2.5 percent, well above the central bank's 2.0 percent ceiling.