Inflation Rate Stabilizes at 4.9% in November 2025
The overall price level paused in November 2025, with an inflation rate maintained at 4.9%, giving the illusion of a certain calm in the economy. However, behind this apparent stability lies a contrasting dynamic, revealing persistent tensions in several essential consumption areas.
Food Prices Continue to Weigh on Household Budgets
Over the past year, food prices have increased by 5.8%, driven in particular by the spectacular rise in lamb meat prices, which have jumped by more than 18%. Fresh vegetables, fruits, beef, and fish have also recorded double-digit increases. The only bright spot in this picture is the significant decline in food oil prices, which have fallen by more than 17%.
Manufactured Products and Services
The annual increase in manufactured products reached 5%, mainly driven by clothing and shoes, which are still subject to strong inflationary pressure. Services evolved at a slightly more moderate pace, with a 4% increase over the past year, dominated by restaurant, café, and hotel tariffs.
Underlying Inflation and Free Products
Another signal to watch is underlying inflation, which excludes food and energy, and has slightly decreased to 5%. However, this decline is insufficient to provide lasting relief to consumers, especially since free products continue to record rapid progress, at 6% over the past year, compared to less than 1% for price-controlled products.
Short-Term Price Index
In the short term, the price index increased by only 0.1% in November. This moderate increase is explained by the rise in clothing and leisure prices, partially offset by the decline in food prices. In the inflation structure, manufactured products and services remain the main drivers, confirming that pressure on the cost of living remains well anchored, despite the apparent stability.
Opportunity for Tunisian Expatriates to Access Financing
Tunisian expatriates will have the opportunity to access financing for their entrepreneurial projects on December 10, 2025. An online information session will be organized to unveil the support mechanisms for small and medium-sized enterprises (SMEs) carried by the diaspora. This meeting is part of the second phase of the Mobi-TRE "Hajti Bik" program, carried by the International Organization for Migration in Tunisia, in partnership with the Italian Agency for Development Cooperation and the Office of Tunisians Abroad.
Current Account Deficit Narrows to 1.6% of GDP in 2024
The year 2024 marked a slight respite on the front of external balances. According to the latest report by the Central Bank of Tunisia on the balance of payments, the current account deficit narrowed to 1.6% of GDP, compared to 2.3% the previous year. In value, the need decreased from 3.5 to 2.6 billion dinars, reflecting a progressive, albeit fragile, improvement in the country's external situation.
Balance of Services and Tourism
This development is mainly driven by the good performance of the balance of services. The surplus reached 22.7 billion dinars in 2024, thanks to the renewed dynamism of the tourism sector and the sustained increase in labor income. Tourism revenues increased by nearly 10%, while transfers from abroad rose by more than 12%. As a result, these two sources now cover nearly 58% of the trade deficit, compared to 56% in 2023.
Trade Deficit and Monetary Stability
In contrast, the balance of goods continues to weigh heavily. The trade deficit widened to 30.4 billion dinars, due to an increase in imports, while exports slightly declined over the year. On the monetary front, the dinar has shown relative stability against the euro and the dollar, a signal considered reassuring by the Central Bank. This stability of the exchange rate, combined with the improvement in the current account, contributed to the strengthening of foreign exchange reserves.
