France Inflation

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France: Inflation falls to an over four-year low in June

July 22, 2014

Consumer prices were unchanged over the previous month in June, which mirrored the result recorded in May. The print came in below the 0.2% increase that markets had expected. As the National Statistics Institute (INSEE) reported, June’s result reflected that lower prices for food products, manufactured products and energy were offset by an increase in prices for services.

Annual inflation declined moderately from the 0.7% tallied in May to 0.5% in June, which marked the lowest level since November 2009. The core inflation index, which excludes more volatile items such as oil, fruit and vegetables, decreased slightly to minus 0.1% in June, which was down from the flat reading recorded in May. Annual core inflation edged down from 0.3% in May to 0.1% in June.

Annual HICP inflation (based on the harmonized index of consumer prices) dropped from 0.8% in May to 0.6% in June. Annual average HICP inflation was stable at May’s 0.9% for the fourth consecutive month in June.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.9% in 2014, which is unchanged from last month’s forecast. For 2015, panelists project that inflation will accelerate to 1.1%.


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France Inflation Chart


France Inflation June 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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