Estonia reported the highest annual inflation rate in the euro area in November 2025, of 4.7%, according to flash estimates from Eurostat.
Other countries to report an above average inflation rate for the month included Croatia (4.3%), Austria (4.1%), Latvia (3.8%), Slovakia (3.8%), Lithuania (3.6%) and Luxembourg (3.6%).
At the other end of the scale, the lowest annual inflation rate in November was recorded in Cyprus (0.2%), followed by France (0.8%) and Italy (1.1%), according to the estimates.
Euro area inflation
Euro area inflation was estimated at 2.2% for the month, Eurostat said, up from 2.1% in October.
On a sector-by-sector basis, services recorded the highest annual inflation rate at 3.5%, compared with 3.4% the previous month. Food, alcohol and tobacco reported an inflation rate of 2.5%, while non-energy industrial goods registered an inflation rate of 0.6%; both of these categories were stable compared to October.
Energy continues to have a negative effect on inflation, at -0.5% for the month, compared to -0.9% in October.
Month-on-month inflation
On a month-on-month basis, meanwhile, the highest inflation rate in the euro area was recorded in Lithuania (0.4%), followed by Belgium, Croatia and Austria (all 0.3%).
Several countries reported a monthly decline, including Malta (-3.3%), the Netherlands (-1.4%), Cyprus (-1.0%) and Portugal (-0.9%), according to the Eurostat estimates.
Eurostat noted that several methodological changes to its inflation calculations are set to take effect in February 2026. Read more here.
Analyst comment
Commenting on the inflation figures, Bert Colijn, chief economist with ING in the Netherlands, said, “Despite a muted growth environment, falling wage growth and declining import prices, businesses do expect that prices will grow faster in the months ahead. This is especially the case for services.
“Still, with disinflationary pressures abounding, we expect that inflation will likely hold around the current level for the foreseeable future.”
Monthly Inflation in the Euro Area – November 2025 (%)
| Country | Inflation (%) |
|---|---|
| Lithuania | 0.4 |
| Belgium | 0.3 |
| Croatia | 0.3 |
| Austria | 0.3 |
| Slovakia | 0.2 |
| Luxembourg | 0.1 |
| Greece | 0.0 |
| Spain | 0.0 |
| Slovenia | 0.0 |
| Ireland | -0.2 |
| France | -0.2 |
| Italy | -0.2 |
| Finland | -0.2 |
| Latvia | -0.3 |
| Germany | -0.5 |
| Estonia | -0.5 |
| Portugal | -0.9 |
| Cyprus | -1.0 |
| Netherlands | -1.4 |
| Malta | -3.3 |
