France Inflation


Inflation stable in December

Consumer prices increased 0.3% over the previous month in December, which was above the flat reading recorded in November and fell slightly short of the 0.4% the market had expected. As the National Statistics Institute (INSEE) reported, the rise in prices was broad-based, with energy registering the largest increases followed by higher prices for transport and communication services.

In December, annual inflation remained at November's 0.7%, matching market expectations. The core inflation index, which excludes more volatile items such as oil, fruit and vegetables, registered a flat reading over the previous month, which was slightly down from the 0.1% tallied in November. Annual core inflation edged down from 0.8% in November to 0.6% in December.

Annual HICP inflation (based on the harmonized index of consumer prices) was stable at November's 0.8%. Meanwhile, annual average HICP inflation inched down from the 1.1% tallied in November to 1.0% in December, which is the lowest rate since June 2010.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 1.3% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, panelists project that inflation will remain stable at 1.3%.


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France Inflation Chart

France Inflation December 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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