Ben Brettell, senior economist at Hargreaves Lansdown, noted that despite the "marginal" pickup in euro zone prices, the core consumer price index (CPI)—which excludes more volatile components like food, energy, alcohol and tobacco—fell to 0.7 percent.
"As such, today's data does little to relieve the pressure on Mario Draghi to embark on a quantitative easing program," Brettell said in a note.
"I believe he will succumb to this pressure eventually, though probably not in the short term."
ECB Governing Council member Ewald Nowotny refused to rule out a U.S. Federal Reserve-style QE program for the region on Friday.
"I think that we have all learned in life that we should never say 'never'," Nowotny, who also heads the Austrian central bank, told CNBC when asked about the possibility of QE.
Read More'Damaging deflation' threatens euro zone: EY
The ECB will announce its latest monetary policy decision on Thursday, and most economists are not expecting any change to interest rates, or new policy announcements.
"It looks likely that ECB policymakers will adopt a wait-and-see stance to assess whether their latest policy measures have the desired effect," Brettell said.