France Inflation

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France: Inflation stable in May

June 12, 2014

Consumer prices were flat over the previous month in May, which mirrored the result recorded in April. The print came in a tad below the 0.1% increase that markets had expected. As the National Statistics Institute (INSEE) reported, May’s result reflected that an increase in prices for food products was offset by the decrease in prices for energy.

Annual inflation was stable at April’s 0.7% in May. The core inflation index, which excludes more volatile items such as oil, fruit and vegetables, was also flat over the previous month, thus marking an improvement over the 0.2% drop tallied in April. Annual core inflation edged down from 0.5% in April to 0.3% in May.

Annual HICP inflation (based on the harmonized index of consumer prices) was stable at April’s 0.8% for the second consecutive month. Annual average HICP inflation was stable at April’s 0.9% for the third consecutive month in May.

FocusEconomics Consensus Forecast panelists expect HICP inflation to average 1.2% in 2014, which is unchanged from last month’s forecast. For 2015, panelists project that inflation will inch up to 1.3%.


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France Inflation May 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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