BREAKING: Eurozone Preliminary CPI in line with expectations

Eurozone: Preliminary HICP for October

• HICP m/m: actual 0,2% (previous 0.1%)
• Core HICP m/m: actual 0,3% (previous 0.1%)
• HICP y/y: actual 2,1% (forecast 2.1%; previous 2.2%)
• Core HICP y/y: 2,4% (forecast 2.3%; previous 2.4%)

Preliminary Eurostat data for October 2025 for the euro area show that HICP inflation (Harmonized Index of Consumer Prices) stood at 2.1% year-on-year, in line with forecasts and slightly below September’s reading of 2.2%. Core HICP inflation, which excludes more volatile components such as energy and food, came in at 2.4% year-on-year, unchanged from September and slightly above the forecast of 2.3%.

On a monthly basis, HICP inflation increased by 0.2%, compared with 0.1% in the previous month, while core HICP rose by 0.3% month-on-month, up from 0.1% previously. This indicates that, despite stable annual inflation, short-term price pressures in sectors excluding energy and food are accelerating.

In summary, euro area inflation has slightly eased on a year-on-year basis, but monthly readings point to a moderate acceleration in price growth. The stability of annual core inflation at 2.4% suggests that inflationary pressures persist in the underlying sectors of the economy.

The data are in line with market expectations, which currently do not indicate a need for changes in the European Central Bank’s interest rate policy, as the ECB recently kept rates unchanged, emphasizing the stabilization of the inflation outlook.

For the EUR/USD market, data provide moderate support for the euro.

Source: xStation5