• Prior +3.8%
  • CPI -0.4% vs -0.1% m/m expected
  • Prior 0.0%
  • HICP +2.3% vs +2.6% y/y expected
  • Prior +3.0%
  • HICP -0.7% vs -0.5% m/m expected
  • Prior -0.2%

The headline reading is the lowest since June 2021, as monthly consumer prices also decline more than expected in November. The 3.2% reading does fit with estimations from the state readings earlier in the day, which were also much softer than anticipated. Core annual inflation is also presumed to decline to 3.8% this month, down from 4.3% in October, and that is another welcome development for the ECB at this point in time.