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France: Inflation moderates in August

September 14, 2015

In August, consumer prices rose 0.3% over the previous month, which contrasted July’s 0.4% decrease and marked a five-month high. 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 fall in prices of fresh foodstuffs, which was partially seasonal..

Inflation inched down from July’s 0.2% to 0.1% in August, which marked a five-month low. Core consumer prices, which do not take into account volatile categories such as fresh food and energy prices nor regulated prices, grew 0.1% over the previous month, which mirrored July’s reading. Core inflation tallied 0.6% in August (July: 0.7%).

Harmonized consumer prices (based on the harmonized index of consumer prices, HICP) rose 0.4% over the previous month, which contrasted July’s 0.5% decrease. Harmonized inflation tallied 0.1% in August (July: 0.2%). Annual average HICP inflation remained stable in August at July’s 0.2%.

The government expects inflation to average 0.9% 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 August 2015 0

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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