There is no significant evidence of building underlying inflation in the euro zone, though the balance of risks is on the upside, the European Central Bank said Thursday in its October monthly bulletin. "Risks to this new baseline inflation scenario are on the upside and relate to potential further rises in oil prices, administered prices and indirect taxes," the ECB said. "At present, particular vigilance with regard to upside risks to price stability is warranted," the ECB said. The report largely mimics remarks made by ECB President Jean-Claude Trichet at a press conference last week, following the governing council's decision to leave interest rates unchanged. However, at the press conference he used the word "strong" rather than "particular" to describe the type of vigilance needed to monitor inflation risks.