Germany’s CPI rose +0.3% MoM and +2.3% YoY (vs +2.2% YoY expected) in October 2025 (provisional), marking a slight deceleration from September as lower energy prices partly offset higher service costs.

• Core inflation (excluding food and energy) held steady at +2.8% YoY, remaining above the headline rate and indicating persistent underlying price pressures.

• Service inflation strengthened to +3.5% YoY (from +3.4% in September), maintaining its upward trend.

• Goods inflation slowed to +1.2% YoY (from +1.4%), reflecting easing cost growth in manufactured and consumer goods.

• Energy prices fell -0.9% YoY (after -0.7%), continuing a broad downward trend driven by declines in household energy and motor fuels.

• Food inflation eased to +1.3% YoY (from +2.1%), showing a sharp moderation in price gains across categories.

• The harmonised index of consumer prices (HICP) also increased +0.3% MoM and +2.3% YoY, aligning closely with the national measure.