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France HICP Above Consensus, Flash CPI Below

FRANCE DATA
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The latest set of national May flash inflation prints from France saw HICP figures come in a tenth above consensus while CPI figures come in below consensus.

  • HICP came in at +2.7% Y/Y (vs +2.6% consensus, +2.4% prior) and +0.2% M/M (vs +0.1% consensus, +0.6% prior).
  • CPI came in at +2.2% Y/Y (vs +2.4% consensus, +2.2% prior) and +0.0% M/M (vs +0.2% consensus, +0.5% prior).
  • Looking at national CPI:
    • Services CPI rose at a slower pace of +2.7% Y/Y (vs +3.0% prior), making it the lowest services print since January 2023. Note that services make up 51.6% of the national CPI index. This was followed by a slowdown in tobacco inflation to +8.7% Y/Y (vs +9.0% in April) - the lowest level since March 2023.
    • Meanwhile, the fall was offset by energy prices rising to +5.8% Y/Y from +3.8% in April, due to base effects on a M/M basis energy fell -1.1%).
    • Meanwhile, food prices inflation edged up to +1.3% Y/Y (vs +1.2% prior), driven by a higher fresh food prices.

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The latest set of national May flash inflation prints from France saw HICP figures come in a tenth above consensus while CPI figures come in below consensus.

  • HICP came in at +2.7% Y/Y (vs +2.6% consensus, +2.4% prior) and +0.2% M/M (vs +0.1% consensus, +0.6% prior).
  • CPI came in at +2.2% Y/Y (vs +2.4% consensus, +2.2% prior) and +0.0% M/M (vs +0.2% consensus, +0.5% prior).
  • Looking at national CPI:
    • Services CPI rose at a slower pace of +2.7% Y/Y (vs +3.0% prior), making it the lowest services print since January 2023. Note that services make up 51.6% of the national CPI index. This was followed by a slowdown in tobacco inflation to +8.7% Y/Y (vs +9.0% in April) - the lowest level since March 2023.
    • Meanwhile, the fall was offset by energy prices rising to +5.8% Y/Y from +3.8% in April, due to base effects on a M/M basis energy fell -1.1%).
    • Meanwhile, food prices inflation edged up to +1.3% Y/Y (vs +1.2% prior), driven by a higher fresh food prices.