Euro area: November inflation review

According to Eurostat's final release , the Euro area annual headline inflation averaged 2. 1 4 % in Novem ber ( 2.16% flash estimate ) , up from 2. 10 % in Octo ber . Core inflation, which excludes energy and food, alcohol and tobacco prices, held at 2. 41 % ( according to flash estimate ) , up from 2. 3 7 % in the previous month. These are in line with our and consensus expectations. HICP inflation by components showed: The contribution of Services to annual headline inflation in creasing to 1. 5 8 pp (1. 54 pp in Octo ber ). The contribution of Food, Alcohol and Tobacco going down to 0. 4 6 pp (0. 4 8 pp in October ). The contribution of the Energy inflation at -0. 0 5 pp (-0. 0 8 pp in October ). The contribution of Non-Energy Industrial Goods (NEIG) decreasing to 0. 1 4 pp (0. 16 pp in October ). Should the price level of headline HICP remain at its Novem ber level until end-December 2025, headline inflation would average 2. 1 2 %yoy and core inflation would average 2.39%yoy over 2025 .