German October EU-harmonized CPI rises 3.3% y/y, above 3.1% forecast

The upside surprise matters less than the persistence: harmonized inflation holding at 3.3% rather than drifting toward the forecast suggests price pressure in Europe's largest economy is not yet easing on the timeline expected. That keeps the inflation debate alive for the wider euro area, since German readings feed directly into the bloc's harmonized figures and shape how the ECB's next steps are read. Whether this stickiness is a one-month artifact or the start of a firmer trend is the open question to watch in the coming prints.