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FRANCE DATA
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)
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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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