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2025-12-17 18:09:32
[Eurozone Inflation Slows Across the Board, Core Indicators Fall as Expected, Providing Room for ECB to Take a Wait-and-See Approach] ⑴ The Eurozone's Harmonized Index of Consumer Prices (HICP) rose 2.1% year-on-year in November, slightly below the market expectation of 2.2%, and fell 0.3% month-on-month. ⑵ Core inflation, excluding energy, food, alcohol, and tobacco, was 2.4% year-on-year, in line with expectations, but fell 0.5% month-on-month, indicating a general easing of price pressures at the monthly level. ⑶ Component data showed that service price inflation remained at a relatively high level of 3.5% year-on-year, but fell significantly by 0.8% month-on-month; non-energy industrial goods inflation further slowed to 0.5% year-on-year. ⑷ Food, alcohol, and tobacco price inflation fell sharply to 2.4% year-on-year, with unprocessed food inflation slowing from 3.2% in October to 3.2%, while the year-on-year decline in energy prices narrowed to 0.5%. (5) Overall data suggests that Eurozone inflation is trending downwards as expected, with core inflation momentum weakening monthly. This provides a basis for the ECB to maintain its current wait-and-see stance, but the stickiness of service sector inflation remains a key point to watch for future policy shifts.
