France Inflation January 2017


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

February 21, 2017

According to revised figures released by the National Statistical Institute (INSEE) on 21 February, consumer prices 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 a revised 1.3% in January (previously reported: +1.4% year-on-year), marking the highest reading since November 2012. The strong increase reflected higher prices for Brent crude oil 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 a revised 0.3% in January (previously reported: -0.2% mom), 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 1.3% in 2017, which is up 0.1 percentage points from last month’s forecast. For 2018, panelists project that inflation will also average 1.3%.

Author: Jean-Philippe Pourcelot, Economist

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France Inflation Chart

France Inflation January 2017 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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