Euro area HICP inflation eased slightly to +2.1% YoY in October 2025 (from +2.2% in September) and rose +0.2% MoM, showing marginal cooling as lower energy and food prices offset stronger service inflation.

• Core inflation (excluding energy, food, alcohol & tobacco) was estimated at +2.4% YoY, stable from September, indicating steady underlying price pressures.

• Services inflation accelerated to +3.4% YoY (from +3.2%), remaining the largest contributor to headline inflation.

• Food, alcohol & tobacco inflation slowed to +2.5% YoY (from +3.0%), reflecting moderation in both processed and unprocessed food prices.

• Processed food inflation eased to +2.4% YoY (from +2.6%), while unprocessed food fell sharply to +3.2% (from +4.7%), showing a marked deceleration in fresh food costs.

• Energy prices declined -1.0% YoY (after -0.4%), extending their downward trend and exerting continued drag on the overall index.

• Non-energy industrial goods inflation softened to +0.6% YoY (from +0.8%), signaling weak goods-related price momentum across the euro area.