- Prior +2.9%
- Core CPI +3.6% vs +3.9% y/y expected
- Prior +4.2%
After the softer-than-expected readings from Spain, Germany, France (and also Italy), this doesn't come as much of a surprise. But the latest readings do provide a bit of a challenge to the ECB that inflation is looking to be more stubborn, although their job isn't quite done yet. Headline annual inflation may be within touching distance of the 2% mark but core annual inflation is still just only sitting under 4% in November, so there's still some work to be done.
