欧元区11月CPI回升至2.2%，服务业价格顽固，欧央行12月降息“几无可能”

Group 1 - Eurozone inflation unexpectedly rose slightly in November, reinforcing market expectations that the European Central Bank (ECB) will not cut interest rates again in the short term [1][4] - The harmonized Consumer Price Index (CPI) in the Eurozone increased from 2.1% in the previous month to 2.2% year-on-year in November, remaining close to the ECB's target of 2% [1][4] - Core inflation, excluding volatile food and energy prices, remained stable at 2.4%, driven by rapid growth in service prices, while durable goods prices grew at a more moderate pace [4][5] Group 2 - Price pressures within the Eurozone, particularly in the service sector, continue to support inflation, with service inflation at 3.5% and unprocessed food prices up by 3.3% in November [5] - Energy prices have decreased significantly, with natural gas prices down over 40% year-on-year and crude oil prices down more than 10%, indicating ongoing deflationary pressures in the energy sector [5] - The ECB has maintained a wait-and-see approach after cutting rates by 2 percentage points over the past year, with officials indicating they can tolerate slight deviations from the inflation target as long as underlying trends align with it [6][7] Group 3 - Market pricing reflects the expectation that the ECB is unlikely to adjust its 2% deposit rate at the upcoming meeting on December 18 [7] - Economic indicators suggest a robust expansion close to potential growth rates of about 1% to 1.5%, supported by a relatively tight labor market [7] - The Eurozone unemployment rate slightly increased to 6.4% in October, indicating ongoing labor market dynamics [7]