France Inflation January 2017


France: Inflation soars to over four-year high in January

January 31, 2017

According to preliminary figures released by the National Statistical Institute (INSEE) on 31 January, consumer prices in France dropped 0.2% in January (December: +0.3% month-on-month). The reading reflects lower seasonal prices for manufactured goods, particularly for clothing and footwear.

Inflation jumped from 0.6% in December to 1.4% in January, marking the highest reading since November 2012. The strong increase reflected higher prices for Brent crude and higher taxes on petroleum products. Meanwhile, annual average inflation in January inched up to 0.3% from December’s 0.2%.

Harmonized consumer prices (based on the harmonized index of consumer prices (HICP)) dropped 0.2% in January, contrasting the 0.3% increase observed in the previous month. Harmonized inflation in December soared from 0.8% to 1.6% in January, a multi-year high. Meanwhile, annual average HICP inflation picked up from 0.3% in December to 0.4% in January.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 1.2% in 2017, which is unchanged from last month’s forecast. For 2018, panelists project that inflation will accelerate to 1.3%.

Author: Jean-Philippe Pourcelot, Economist

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France Inflation Chart

France Inflation January 2017

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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