France Inflation June 2016


France: Inflation picks up in June

July 13, 2016

According to revised figures released by the national statistical institute (INSEE), consumer prices in June rose 0.1% over the previous month, coming in below the 0.4% increase tallied in May. June’s reading reflected higher prices for petroleum products and a seasonal increase in services. June’s figure, however, was partly offset by a seasonal drop in fresh food products and manufactured goods associated with the start of summer retail sales.

Inflation edged up in June to 0.2% (May: 0.0% year-on-year), marking the highest figure since January. Meanwhile, annual average inflation in June remained unchanged at the flat reading tallied in May.

Harmonized consumer prices (based on the harmonized index of consumer prices (HICP)) rose 0.1% over the previous month (May: +0.5% month-on-month). Harmonized inflation rose 0.3% annually in June, coming in above the 0.1% print observed in May. Meanwhile, annual average HICP inflation remained unchanged at the 0.1% print tallied in May.

The government expects inflation to average 0.1% in 2016 and 1.0% in 2017. FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.3% in 2016, which is unchanged from last month’s forecast. For 2017, panelists project that inflation will accelerate to 1.2%.

Author: Jean-Philippe Pourcelot, Economist

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France Inflation Chart

France Inflation June 2016 1

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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