August 30, 2024 07:52 GMT
FRANCE DATA: France Flash Inflation A Touch Firmer Than Expected
FRANCE DATA
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The latest set of August flash inflation prints from France saw HICP and CPI both on an annual and sequential basis come in firmer than expected.
- HICP came in at +2.23% Y/Y (vs 2.1% consensus, 2.70% prior) and 0.64% M/M (vs 0.5% consensus, 0.20% prior).
- CPI came in at 1.88% Y/Y (vs 1.8% consensus, 2.30% prior) and 0.58% M/M (vs 0.5% consensus, 0.18% prior).
Looking at the national CPI:
- Services CPI (which makes up 51.6% of the national CPI index) rose to 3.09% Y/Y (vs 2.59% in July) - the highest reading since February 2024, driven by the price of accommodation and transport services. On a monthly basis however, services prices rose 0.60% (vs 1.22% prior), which had been highlighted ahead of the release due to the Olympics.
- Meanwhile, energy prices softened to 0.52% Y/Y (vs 8.48% prior) - the lowest reading since July 2023 mainly due to base effects, on a monthly basis energy prices fell 1.21% (vs a rise of 1.41% in the prior month).
- Non-Energy Industrial Goods softened a touch to -0.07% Y/Y (vs +0.01% prior).
- Finally, food CPI was broadly unchanged at 0.50% Y/Y versus 0.52% prior.
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