FX.co ★ Eurozone's Core Inflation Takes a Surprising Dip in November

In a surprising turn of events, the Eurozone's Harmonized Index of Consumer Prices (HICP) excluding energy and food experienced a notable decline in November 2025, adjusting by -0.4%, according to data updated on December 2, 2025. This development marks a significant shift from the previous month of October, where the indicator had seen a modest increase of 0.2%.

The unexpected downturn highlights the potential underlying volatility in the Eurozone's core inflation trajectory when the typically volatile sectors of energy and food are removed from the equation. Such a decline in core inflation could signal a combination of lessened consumer demand or other influencing economic factors this past month, contrasting sharply with the mild uptick noted in the preceding period.

This November adjustment raises questions and discussions regarding the monetary policy implications for the currency bloc. Policymakers within the Eurozone will likely scrutinize these figures as they formulate future strategies to mitigate deflationary pressures and stimulate sustainable economic growth. The month-over-month comparison provides valuable insights, bringing the dynamics of consumer price trends into sharper focus against a backdrop of broader economic challenges.