German Inflation Picks Up Despite Cooling Trends, Likely Keeping ECB on Hold

German inflation climbed in November, despite French inflation holding steady and Spanish and Italian inflation inching lower, a mixed picture that nevertheless keeps the European Central Bank on course to hold its key rate next month.

German consumer prices rose 2.6% compared with the same month of last year, up from 2.3% in October, according to European Union-harmonized data published Friday by Destatis. Economists polled by The Wall Street Journal expected inflation at a lower rate of 2.4%. Inflation was last higher in January.