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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FRANCE DATA
Final HICP data for May came in a touch softer than flash on an annual basis at +2.6% Y/Y (vs +2.7% flash, +2.4% prior), the non-seasonally adjusted M/M figure also came in slightly softer than flash at +0.1% (+0.2% flash, +0.6% in April). Recall that the flash French Y/Y print was 0.1pp above-expectation.
- This was a mixed report: as was suspected from flash release, the lesser extent of slowdown in CPI was driven by Services, although overall slowdown continues to be driven by both core and non-core components.
- Annual CPI came in a touch higher than flash at +2.3% Y/Y (+2.2% flash, +2.2% prior) although on a M/M basis it confirms flash at 0.0% (vs +0.5% prior) - the difference in evolution between HICP and CPI is due to the drop in reimbursements in the health sector and the change in energy prices.
- Looking at the breakdown of national CPI:
- Core inflation fell to +1.7% from +1.9% in April.
- Services fell less than anticipated from flash printing +2.8% Y/Y in May (+2.7% flash, +3.0% in April). The slowdown was due to transport services prices slowing to +0.2%Y/Y from +0.6%.
- Energy prices came in slightly softer than flash at +5.7% Y/Y (+5.8% flash, +3.8% in April)., the rise was due to base effects.
- Looking at the breadth of HICP inflation, MNI's analysis shows that the proportion of components with inflation below 2% continue to rise from 56% to 60% in May - the highest proportion since October 2021. Meanwhile, the proportion of components with inflation above 6% remained sticky at 9% from 9.4% in April - although this is the lowest level since October 2021.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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