In November 2025, the EU's Consumer Price Index (CPI) rose 2.4% year-on-year, a slight decrease of 0.2 percentage points from the previous month, indicating a modest easing of inflation pressure. Over the past six months, year-on-year CPI has fluctuated between 2.3% and 2.6%, remaining relatively stable and suggesting that inflation trends remain within manageable bounds. Although recent price growth has slightly slowed, core inflation indicators continue to show resilience, reflecting persistent underlying demand in the economy. By component, service prices rose 3.8% year-on-year, serving as the primary driver of inflation and underscoring the ongoing impact of non-goods expenditures on price levels. Food, alcohol, and tobacco prices increased by 3.0% year-on-year—above the overall average but without significant acceleration. Energy prices remained nearly stagnant, rising just 0.3% year-on-year, continuing the low-growth trend seen since 2024 and weakening their contribution to overall inflation. Core inflation, excluding energy, stood at 2.7%, while "near-core" inflation, excluding both food and energy, was 2.5%—both remaining elevated. This reflects persistent structural inflation pressures, indicating that current inflation is not driven by temporary shocks in energy or food, but rather by rising service sector costs and the potential risk of a wage-price spiral. Policymakers must monitor long-term inflation expectations and carefully assess the need for further monetary tightening.