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FRANCE DATA: France M/M PPI Highest Since March 2022

FRANCE DATA
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France November PPI rose 3.2% M/M (vs 0.9% prior), the highest sequential reading since March 2022. However, do note that this is non-seasonally adjusted data and November typically sees the largest sequential increase of the year.

  • On an annual basis it has now been in negative territory for 15 out of the past 16 month, and fell in November 2024 by 5.2% Y/Y (vs a revised fall of 6.0% from -5.7% in October).
  • The sequential increase was driven by extractive industries, energy and water producer prices (which accounts for 25% weight of total PPI) rising 12% M/M (vs 2.5% prior) - the highest reading since November 2021. The press release notes this firmness was driven by an increase in electricity prices
  • The remaining 75% weighting is accounted for by manufactured goods which remained flat M/M (vs 0.3% growth in October). 
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France November PPI rose 3.2% M/M (vs 0.9% prior), the highest sequential reading since March 2022. However, do note that this is non-seasonally adjusted data and November typically sees the largest sequential increase of the year.

  • On an annual basis it has now been in negative territory for 15 out of the past 16 month, and fell in November 2024 by 5.2% Y/Y (vs a revised fall of 6.0% from -5.7% in October).
  • The sequential increase was driven by extractive industries, energy and water producer prices (which accounts for 25% weight of total PPI) rising 12% M/M (vs 2.5% prior) - the highest reading since November 2021. The press release notes this firmness was driven by an increase in electricity prices
  • The remaining 75% weighting is accounted for by manufactured goods which remained flat M/M (vs 0.3% growth in October). 
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