Eurozone Kerninflation

The annual core inflation rate in the Euro Area, which excludes prices of food, energy, and tobacco, was at 2.4% for the third consecutive month in November of 2025, slightly below market expectations of 2.5%, according to a preliminary estimate. The core inflation rate in the bloc refrained from slowing since touching the near-four-year low of 2.3% in May of this year, aligned with the growing rhetoric by ECB Governing Council members that the central bank is unlikely to deliver more rate cuts under the current macroeconomic backdrop. From the previous month, the core consumer price index fell by 0.5%, aligned with usual seasonal effects for the period.