Zone euro Taux d'inflation

Euro area consumer price inflation rose to 2.2% in November 2025, up from 2.1% in October and slightly above market expectations of 2.1%, according to a preliminary estimate. Services inflation accelerated to 3.5% from 3.4%, marking its highest level since April, while energy prices declined at a slower pace (-0.5% versus -0.9% in October). Inflation remained unchanged for both non-energy industrial goods (0.6%) and food, alcohol, and tobacco (2.5%). Core inflation, which excludes energy, food, alcohol, and tobacco, held steady at 2.4%, slightly below the forecast of 2.5%. Among Europe’s largest economies, Germany saw its inflation rate accelerate to 2.6%, the highest since February and above the ECB’s 2% target. In contrast, Spain’s HICP eased slightly to 3.1% from 3.2%, and the Netherlands’ rate fell to 2.6% from 3.0%. Meanwhile, inflation in France and Italy remained well below target, at 0.8% and 1.1%, respectively.