The figure marks a 50 basis points drop from its 2.9% level in October 2023.
Global investor worries about inflation and central banks are 'rapidly diminishing'
Eurostat said the main components of eurozone inflation for the month were food, alcohol and tobacco, which are expected to have the highest annual rate for the month at 6.9%, although this is still down from 7.4% last month.
Other key components include services (4%), non-energy industrial goods (2.9%) and energy (-11.5%).
Daniele Antonucci, CIO at Quintet Private Bank, noted Eurostat's estimates came in "below the lowest forecast" in major consensus surveys.
He added: "Stripping out volatile components, such as energy and food, the core measure recorded just above 3.5% and we expect further deceleration ahead.
"The eurozone is currently in a mild technical recession. Manufacturing activity has been contracting since the start of 2023, while services are also decelerating more visibly now.
"However, inflation has continued to fall further than expected in recent months, leading to speculation about when the European Central Bank could start cutting rates."
ECB meets expectations as rates held at 4%
Antonucci said he expects the ECB will hold rates during the first few months of 2024, before lowering them to "stimulate growth around mid-year".
He continued: "We think interest rates have peaked and government bonds are even more attractive.
"Government bonds yields tend to fall around peak rates (just before or at). This will push the prices of today's higher yielding bonds up.
"Therefore, we are keeping our current exposure to longer-dated high-quality government bonds in the eurozone, as these tend to outperform shorter-dated bonds after the peak in interest rates in a scenario of slower growth and inflation."