Eurozone inflation was finalized unchanged in November, confirming a stable price environment heading into year-end. Headline CPI held at 2.1% yoy, the same as in October. Core CPI excluding energy, food, alcohol, and tobacco was also unchanged at 2.4%.
Services continued to dominate inflation dynamics, contributing 1.58 percentage points to the annual rate. Food, alcohol, and tobacco added 0.46 pp, while non-energy industrial goods contributed a modest 0.14 pp. Energy prices continued to exert a slight drag, subtracting -0.04 pp from the headline rate.
Across the wider EU, CPI was finalized at 2.4% yoy. Inflation was lowest in Cyprus (0.1%), France (0.8%), and Italy (1.1), while Romania (8.6%), Estonia (4.7%), and Croatia (4.3%) recorded the highest rates. Compared with October, inflation eased in twelve member states, was unchanged in five, and rose in ten.
