France Inflation

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France: Inflation falls to six-month low in September

October 14, 2015

In September, consumer prices fell 0.4% over the previous month, which contrasted August’s 0.3% increase. The reading was in line with market expectations. According to the national statistical institute (INSEE), the result came on the back of a decrease in prices of petroleum products as well as a seasonal downturn in the price of services related to tourism.

Inflation inched down from August’s 0.1% to zero in September, which marked a six-month low. Core consumer prices, which do not take into account volatile categories such as fresh food and energy prices nor regulated prices, fell 0.2% over the previous month, which contrasted August’s 0.1% rise. Core inflation tallied 0.6% in September (August: 0.6%).

Harmonized consumer prices (based on the harmonized index of consumer prices, HICP) fell 0.4% over the previous month, which contrasted August’s 0.4% increase. Harmonized inflation tallied 0.1% in September (August: 0.1%). Annual average HICP inflation inched down from August’s 0.2% to 0.1% in September, thus marking its lowest value since December 2009.

The government expects annual consumer prices to be broadly stable in 2015. FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.2% in 2015, which is unchanged from last month’s forecast. For 2016, panelists project that inflation will accelerate to 1.1%.


Author:, Economist

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France Inflation Chart


France Inflation September 2015

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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