France Inflation


Inflation continues to hit record-low levels

In April, consumer prices fell 0.2% over the previous month, which contrasted the 0.8% increase registered in March and undershot market expectations of a flat reading. The monthly result mainly reflected a significant drop in energy prices as well as in the prices for services.

Due to the monthly drop, annual inflation fell from 1.0% in March to 0.7% in April, reaching the lowest level since November 2009.

The core inflation index, which excludes more volatile items such as oil, fruit and vegetables, decreased 0.3% over the previous month, which contrasted the 0.4% rise seen in March. Annual core inflation fell from 0.7% in March to 0.4% in April.

Finally, annual HICP inflation (based on the harmonized index of consumer prices) declined from 1.1% in March to 0.8% in April. Annual average HICP moderated to 1.7% from 1.9% in March.

FocusEconomics Consensus Forecast panellists expect HICP inflation to average 1.5% in 2013, which is down 0.1 percentage points from last month's forecast. Next year, panellists project inflation to average 1.8%.


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France Inflation Chart

France Inflation April 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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