Eurozone unemployment has seen its biggest monthly jump in 15 years, mirroring a sharp drop in inflation and strengthening the case for another big cut in European Central Bank interest rates next week.

Joblessness in the 15-country region soared by 225,000 in October, adding to evidence that the recent oil price shock, which sent inflation soaring, has given way to a deep and protracted recession. At 7.7 per cent, October’s eurozone unemployment rate was the highest for almost two years.