France Inflation


France: Inflation falls again in November

December 11, 2014

Consumer prices in November fell 0.2% over the previous month. The reading came in below the flat reading observed in October and exceeded the 0.1% decrease the markets had expected. As the National Statistics Institute (INSEE) reported, lower prices for fresh food as well as for petroleum products were the main drivers behind the monthly drop.

Annual inflation fell from 0.5% in October to 0.3% in November. November’s result, along with September’s figure represents the lowest level in nearly five years. Core consumer prices, which exclude more volatile categories such as oil and fresh food prices, dropped 0.1% in November over the previous month (October: 0.0% month-on-month). Core consumer prices decreased 0.2% in annual terms, which came in below the flat reading tallied in October.

Meanwhile, annual HICP inflation (based on the harmonized index of consumer prices) edged down from October’s 0.5% to 0.4% in November. Annual average HICP inflation was unchanged in November at October’s 0.7%.

The government expects inflation to average 0.9% in 2015. FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.9% in 2015, which is unchanged from last month’s forecast. For 2016, panelists project that inflation will accelerate to 1.3%.

Author:, Senior Economist

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France Inflation Chart

France Inflation November 2014

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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