Germany November inflation confirmed at 2.3%

Germany’s consumer price inflation held steady at 2.3% in November 2025, confirming preliminary estimates and matching October’s rate.

Energy costs fell 0.1% year-on-year, with declines in electricity (-1.5%) and district heating (-0.7%) offsetting higher prices for heating oil (+2.4%) and fuel (+1.6%).

Food inflation remained subdued at 1.2%, its second-lowest rate of the year, with sharp increases in confectionery (+9.0%) and meat (+4.2%) balanced by steep drops in edible fats and oils (-14.8%) and fresh vegetables (-4.2%).

Services inflation remained unchanged at 3.5%. Core inflation, which excludes food and energy, eased slightly to 2.7% from 2.8%.

On a monthly basis, CPI fell 0.2%, the first decrease since January, reflecting seasonal declines in airfares (-14.2%) and package holidays (-11.5%).

The annual EU-harmonised inflation rate rose to 2.6%, the highest in nine months, while falling 0.5% month-on-month, confirming earlier estimates.