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Flash HICP Slows From February High

MNI (London)

FRANCE MAR FLASH HICP +0.9% M/M (FCST +0.8%); FEB +1.1% M/M

FRANCE MAR FLASH HICP +6.6% Y/Y (FCST +6.5%); FEB +7.3% Y/Y

  • French HICP was 0.1pp stronger than consensus estimates in March across m/m and y/y headline prints, at +0.9% m/m and +6.6% y/y. Nonetheless, the annualised rate is 0.7pp lower than the French euro-era high of +7.3% y/y reached in February.
  • Slowing energy prices and base effects will have largely accounted for the deceleration in annualised HICP, whilst the m/m growth implies that short-term price pressures remain acute.
  • Details on the national print (non-harmonised) highlighted a 0.1pp uptick in manufactured goods inflation to +4.8% y/y, whilst services edged down 0.1pp to +2.9% y/y. With services weighting likely to outweigh, this detail adds to the chance of a marginal deceleration in core CPI which rose to a fresh high of +6.1% y/y in February. Details will be released in the final print.

Source: MNI / Insee

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