France Inflation January 2018


France: HICP inflation picks up in January

January 31, 2018

Preliminary data released by the National Statistical Institute (INSEE) on 31 January showed that consumer prices dropped 0.1% from the previous month in January (December: +0.3% month-on-month). Lower prices for manufactured products, which dropped steeply as seasonal sales started, as well as lower prices for services and tobacco were behind the month-on-month drop.

Inflation edged up from 1.2% in December to 1.4% in January, marking the highest reading since November 2012. Meanwhile, annual average inflation in January was stable at the previous month’s reading of 1.0%.

Harmonized consumer prices dropped 0.1% month-on-month in January, contrasting the 0.4% increase observed in December. Harmonized inflation edged up from 1.2% in December to 1.5% in January. Lastly, annual average HICP inflation remained steady in January at the 1.2% print observed in December.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 1.3% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, panelists project that inflation will remain steady at 1.5%.

Author: Jean-Philippe Pourcelot, Economist

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France Inflation Chart

France Inflation January 2018

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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