The figure is still a far cry from the target of "close to" 2 percent set by the European Central Bank and may provide further impetus for the bank to extend the duration of its 1 trillion euro ($1.1 trillion) monetary stimulus program or broaden the scope of the assets that can be purchased under the plan.
The slump in energy prices continued to pressure inflation lower in the euro zone. Energy prices fell by 8.7 percent in October in the area, building on declines of 8.9 percent last month.
In comparison, food, alcohol and tobacco prices rose by an average of 1.5 percent and non-energy industrial good prices rose by 0.4 percent this month.
Furthermore, house prices rose by 1.1 percent in the euro area between April and June, according to Eurostat. UBS reported on Thursday that house prices in all major European cities, including Amsterdam, Frankfurt and Paris in the euro zone, were now overvalued.
The next ECB Governing Council meeting is in December in Frankfurt, when it is widely expected to announce further monetary stimulus measures.