France Inflation

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France: Inflation stable in July, remains at a nearly six-year low

August 13, 2014

Consumer prices fell 0.3% over the previous month in July, which was down from the flat reading recorded in June. The print was in line with market expectations. As the National Statistics Institute (INSEE) reported, July’s result mainly reflected that lower prices for food products, clothing and footwear more than offset higher prices for services.

Annual inflation was stable at June’s 0.5% in July, which continued to mark the lowest level since November 2009. The core inflation index, which excludes more volatile items such as oil, fruit and vegetables, swung to a 0.2% month-on-month increase in July, contrasting the 0.1% drop tallied in June. Annual core inflation in July was stable at June’s 0.1%.

Annual HICP inflation in July (based on the harmonized index of consumer prices) stabilized at June’s 0.6%. Annual average HICP inflation inched down from June’s 0.9% to 0.8% in July.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 0.9% in 2014, which is unchanged from last month’s forecast. For 2015, panelists project that inflation will accelerate to 1.1%.


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France Inflation Chart


France Inflation July 2014

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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