FX.co ★ Germany November Inflation Confirmed at 2.3%

Germany's consumer price inflation rate maintained its position at 2.3% in November 2025, in line with preliminary projections and consistent with October's figures. Energy prices experienced a slight annual decline of 0.1%, driven by decreases in electricity (-1.5%) and district heating (-0.7%). These reductions were, however, counterbalanced by rising costs for heating oil (+2.4%) and fuel (+1.6%). Food inflation was modest at 1.2%, marking the second-lowest growth rate of the year. This figure was influenced by significant price increases in confectionery (+9.0%) and meat (+4.2%), which were mitigated by substantial reductions in the cost of edible fats and oils (-14.8%) and fresh vegetables (-4.2%). The services sector saw inflation remain stable at 3.5%. Core inflation, which excludes volatile food and energy costs, decreased slightly to 2.7% from 2.8% previously. On a month-to-month basis, the Consumer Price Index (CPI) decreased by 0.2%, marking the first decline since January, which is attributed to seasonal drops in airfares (-14.2%) and package holidays (-11.5%). The annual EU-harmonised inflation rate climbed to 2.6%, marking a nine-month high, though it experienced a 0.5% month-to-month decrease, reinforcing prior estimates.