Euro area HICP inflation ticked up 0.1 ppts to 2.2% YoY (vs 2.1% YoY expected) in November 2025, despite a -0.3% MoM decline, as sticky services inflation keeps the headline rate mostly stable.

• Core inflation (excluding energy, food, alcohol & tobacco) was unchanged at 2.4% YoY for the 3rd straight month, down -0.4% MoM.
• Food prices increased 0.2% MoM, and the annual rate was unchanged at 2.5% YoY. Processed food inflation was unchanged at 2.3% YoY, and unprocessed food inflation ticked up 0.1 ppts to 3.3% YoY.
• Energy prices increased 0.9% MoM, but the annual rate remained negative at -0.5% YoY.
• Core goods prices fell -0.1% MoM, and the annual rate remained at 0.6% YoY, the same reading as a year ago.
• Services prices fell -0.8% MoM, but the annual rate ticked up 0.1 ppts to 3.5% YoY, the highest since March 2025.