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.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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