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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
MNI (London)
- French inflation was two tenths stronger than consensus expectations in the M/M and Y/Y flash HICP data for April. HICP rose +0.7% m/m and +6.9% y/y, accelerating by 0.2pp on the annualised print.
- French HICP has remained elevated in the +6.7% to +7.3% y/y range since October, having reached +7.3% y/y in February.
- According to national CPI data, the 1.0pp deceleration in food prices to +14.9% y/y was outweighed by a 2.1pp uptick in energy prices to +7.0% y/y. Energy base-effects were the key upwards driver, with Insee flagging the drop in y/y petroleum prices having been less marked in April.
- Manufactured goods CPI edged down by 0.1pp to +4.7% y/y, whilst services accelerated by 0.3pp to +3.2% y/y, implying an overall increase and fresh high for core CPI (to be released with final print). This is troubling for the ECB with sticky core CPI a key concern for the bloc.
- The French economy advanced by a modest +0.2% q/q as expected, after having stalled in Q4 2022. Household consumption stabilised at 0.0% in Q1, after the -1.0% Q4 contraction. As such, the Q1 GDP uptick was largely due to a recovery in trade. Total production (goods and services) picked up to +0.4% after +0.1% in Q4, boosted by stronger manufacturing and energy production, with March strikes having been less severe than in October.
- With GDP largely supported by a boost in exports, domestic demand conditions suffered another weak quarter in Q1. Persistently downtrodden consumer confidence implies spending is likely to be muted in for now.
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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