France Inflation


Inflation inches up in November from historic low

Consumer prices were flat over the previous month in November, which was slightly above the 0.1% decline recorded in October and matched market expectations. As the National Statistics Institute (INSEE) reported, the print mainly reflected that higher prices for food and manufactured products were offset by the drop in prices for transport and communication services, as well as for the price of energy.

Annual inflation inched up from 0.6% in October to 0.7% in November, thus rebounding from the lowest reading since November 2009. The print matched market expectations.

The core inflation index, which excludes more volatile items such as oil, fruit and vegetables, increased 0.1% over the previous month, following a flat reading in October. Annual core inflation inched up from October's 0.7% to 0.8% in November.

Annual HICP inflation (based on the harmonized index of consumer prices) inched up to 0.8% (October: 0.7%). Meanwhile, annual average HICP inflation was stable at October's 1.1% in November, which marks the lowest rate in more than three years.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 1.0% in 2013, which is unchanged from last month's forecast. Next year, panelists project that inflation will average 1.4%, which is also unchanged from last month's estimate.


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France Inflation Chart

France Inflation November 2013

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Institute of Statistics and Economic Studies (INSEE).

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