Euro zone economic sentiment jumps in October

October 28, 2016 5:03 AM EDT

The European Union flag is seen flying, at the border of Gibraltar with Spain, in the British overseas territory of Gibraltar, June 27, 2016. REUTERS/Jon Nazca

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BRUSSELS (Reuters) - Euro zone economic sentiment was much better than expected in October driven by higher optimism in industry and services, a monthly European Commission survey showed on Friday.

The Commission said the economic sentiment indicator rose to 106.3 in October from 104.9 in September, well above market expectations of a small decline to 104.8.

Separately, the business climate indicator also calculated by the Commission, rose to 0.55 from 0.44 in September, its highest reading since July 2011.

Selling price expectations among manufacturers rose sharply to 3.2 points in October from 0.0 in September and -0.8 in August, coming closer to the long-term average of 4.7.

Among consumers however, inflation expectations over the next 12 months remained subdued, easing to 4.3 in October from 4.7 in September and remaining well below the long-term average of 19.

(Reporting By Jan Strupczewski; editing by Philip Blenkinsop)

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