Inflation in France

France Harmonized Inflation | Economic News & Forecasts

France - Harmonized Inflation

Inflation declines to lowest level since September in December

Harmonized inflation came in at 6.7% in December, down from November’s 7.1%. December's reading represented the lowest inflation rate since September. The decline was broad-based, with reduced price pressures recorded for transportation, and housing and utilities, amid declining energy price pressures. Moreover, prices for recreation grew at a more subdued pace.

The trend pointed up, with annual average harmonized inflation coming in at 5.9% in December (November: 5.6%). Meanwhile, consumer price inflation fell to 5.9% in December, from the previous month's 6.2%.

Lastly, harmonized consumer prices fell 0.09% in December over the previous month, swinging from November's 0.42% increase. December's result marked the weakest reading since September.

Commenting on the outlook, Charlotte de Montpellier, senior economist at ING, noted:

“While most European countries have already passed the peak of inflation, inflation in France is expected to rise further in the first quarter of 2023. The revision of the “tariff shield” will lead to a 15% increase in household energy bills […]. In addition, the four indexations of the minimum wage to inflation in 2022 will continue to lead to increases in all wages, which will push up inflation significantly, particularly in services, in 2023.”

FocusEconomics Consensus Forecast panelists project harmonized inflation to average 5.1% in 2023, which is up 0.4 percentage points from last month’s estimate, and 2.3% in 2024.

France - Harmonized Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (HICP, annual variation in %)0.1  0.3  1.2  2.1  1.3  

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France Harmonized Inflation Chart


France Inflation
Note: Annual variation of consumer price index (HICP) in %.
Source: National Institute of Statistics and FocusEconomics calculations.

France Facts

Value Change Date
Bond Yield0.080.46 %Jan 01
Exchange Rate1.120.65 %Dec 31

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