Eurozone inflation inches higher, jobless rate holds steady
By Benjamin Chiou
Date: Tuesday 02 Dec 2025
(Sharecast News) - Eurozone inflation unexpectedly edged higher in November as energy price deflation slowed and price pressures in the services sector picked up.
The annual change in the consumer price index across the single-currency region was 2.2% last month, up from 2.1% in October, according to data on Tuesday from Eurostat.
This surprised analysts who had expected no change, with the year-on-year rate of inflation hitting its joint highest level since February.
Services inflation picked up to 3.5% from 3.4% the previous month, while energy prices fell 0.5% after dropping 0.9% the previous month.
Meanwhile, inflation rates for food, alcohol and tobacco were stable at 2.5%, and unchanged for non-energy industrial goods at 0.6%.
The core rate, which excludes volatile items like energy, food, alcohol and tobacco, was unchanged at 2.4%.
"Given the benign projections, as well as energy cost targeting measures across major member states, we do not believe that this is a notable deviation from ECB's target of 2.0%, and is therefore not likely to move the Governing Council off its current rate stance," said analysts at TD Securities in a note.
The highest rates of inflation were seen in Estonia (4.7%, up from 4.5% the month before), Croatia (4.3%, up from 4.0%) and Austria (4.1%, up from 4.0%), while the lower rates were registered in Cyprus (steady at 0.2%), France (steady at 0.8%) and Italy (1.1%, down from 1.3%).
Eurostat also announced that the unemployment rate across the eurozone held steady at 6.4% in October, under the consensus forecast for a decrease to 6.3%.
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