France Inflation


Inflation stable in September

Consumer prices fell 0.2% over the previous month in September, which contrasted the 0.5% increase registered in August and overshot the 0.3% decline the market had expected. An increase in prices for clothing and footwear was offset by a decline in prices of fresh food as well as, "seasonal decreases in prices of some services related to the end of the summer and holidays," as the National Statistics Institute (INSEE) reported.

In September, annual inflation remained at August's 0.9%, which was in line with market expectations.

The core inflation index, which excludes more volatile items such as oil, fruit and vegetables, was flat over the previous month as in August. Annual core inflation remained at August's 0.6%.

Annual HICP inflation (based on the harmonized index of consumer prices) remained at August's 1.0%. Meanwhile, annual average HICP inflation inched down from 1.3% in August to 1.2% in September, which marks the lowest rate in more than three years.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 1.1% in 2013, which is unchanged from last month's forecast. Next year, panelists project inflation to average 1.5%, which is also unchanged from last month's estimate.


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France Inflation Chart

France Inflation September 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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