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France Flash CPI In-Line, Whilst HICP Touch Higher

FRANCE DATA
(MNI) LONDON
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The latest set of national April flash inflation prints from France saw CPI figures come in line with consensus, whilst HICP came in slightly higher than expected.

  • HICP came in at +2.4% Y/Y (vs +2.2% consensus, +2.4% prior) and +0.6% M/M (vs +0.5% M/M consensus, +0.2% M/M prior).
  • CPI came in at +2.2% Y/Y (vs +2.2% Y/Y, +2.3% Y/Y prior) and +0.5% M/M (vs +0.5% M/M consensus, +0.2% M/M prior).
  • Looking at CPI (we don't get the breakdown of HICP until later):
    • The stall in headline compared to March was primarily driven by Services which rose +1.0% M/M (vs +0.0% M/M prior), although on a Y/Y basis it is estimated to have slowed down from +3.2% Y/Y in March to +3.0% Y/Y in April. Note that services make up 51.6% of the national CPI index.
    • Non-energy industrial goods fell 0.1% Y/Y (vs +0.1% Y/Y prior) for the first time since July 2021.
    • Meanwhile, food prices disinflated to +1.2% Y/Y (vs +1.7% Y/Y prior), as although fresh food prices fell albeit at a lower rate of -0.7% Y/Y (vs -3.9% M/M prior).
    • Tobacco price inflation also fell to the lowest March 2023 printing +9.0% Y/Y (vs +10.7% Y/Y prior).
    • In contrast, energy prices increased slightly to +3.8% Y/Y (vs +3.4% Y/Y prior)


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The latest set of national April flash inflation prints from France saw CPI figures come in line with consensus, whilst HICP came in slightly higher than expected.

  • HICP came in at +2.4% Y/Y (vs +2.2% consensus, +2.4% prior) and +0.6% M/M (vs +0.5% M/M consensus, +0.2% M/M prior).
  • CPI came in at +2.2% Y/Y (vs +2.2% Y/Y, +2.3% Y/Y prior) and +0.5% M/M (vs +0.5% M/M consensus, +0.2% M/M prior).
  • Looking at CPI (we don't get the breakdown of HICP until later):
    • The stall in headline compared to March was primarily driven by Services which rose +1.0% M/M (vs +0.0% M/M prior), although on a Y/Y basis it is estimated to have slowed down from +3.2% Y/Y in March to +3.0% Y/Y in April. Note that services make up 51.6% of the national CPI index.
    • Non-energy industrial goods fell 0.1% Y/Y (vs +0.1% Y/Y prior) for the first time since July 2021.
    • Meanwhile, food prices disinflated to +1.2% Y/Y (vs +1.7% Y/Y prior), as although fresh food prices fell albeit at a lower rate of -0.7% Y/Y (vs -3.9% M/M prior).
    • Tobacco price inflation also fell to the lowest March 2023 printing +9.0% Y/Y (vs +10.7% Y/Y prior).
    • In contrast, energy prices increased slightly to +3.8% Y/Y (vs +3.4% Y/Y prior)