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CPI Holds Steady in November, Consumer Spending Dips

MNI (London)

FRANCE NOV (F) CPI +0.4% M/M (FCST +0.3%); OCT +1.0% M/M

FRANCE NOV (F) CPI +6.2% Y/Y (FCST +6.1%); OCT +6.2% Y/Y

FRANCE NOV (F) CPI +7.1% Y/Y (FCST +7.0%); OCT +7.1% Y/Y

  • French inflation rates remained buoyant in the November flash estimates, holding steady at +6.2% y/y (CPI) and +7.2% y/y (HICP).
  • Some slowing was noted on the month-on-month figures, with CPI decelerating to +0.4% m/m from +1.0% m/m in October.
  • Food and manufactured product prices are anticipated to have accelerated further, whilst service prices keep pace with October inflation rates.
  • Despite fiscal support in the form of fuel rebates, energy prices recorded only a marginal deceleration on the year. However, on the month energy and manufactured goods saw some easing.
  • Q3 GDP was confirmed to have expanded at a modest +0.2% q/q, whilst consumer spending data released this morning signalled a sharp October contraction (-2.8% m/m).
  • This was the largest monthly dip since April 2021, underpinned by a fall in energy, manufactured goods and food consumption.

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