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EUROPEAN INFLATION: French CPI Inflation Momentum Eases Further

EUROPEAN INFLATION

French final November HICP inflation was unrevised from the flash print on a rounded basis at 1.7% Y/Y (vs 1.59% in October). On an unrounded basis, HICP inflation was 1.68% Y/Y, 3 hundredths softer than the flash reading of 1.71% Y/Y. CPI inflation was also unrevised from flash at 1.3% Y/Y (vs 1.2% in October). On a unrounded basis it was 8 hundredths below flash at 1.26% Y/Y (vs 1.34% flash, 1.23% prior). 

  • Core CPI rose marginally to 1.5% Y/Y (vs 1.4% in October).
  • Services was revised down 2 tenths from flash to 2.3% Y/Y (2.3% in Oct) while core services rose to 2.8% Y/Y from 2.6% Y/Y in Oct (there is no flash for that series).
  • The broad "manufactured products" index was revised down a tenth from the flash to -0.3% Y/Y (-0.2% Y/Y in Oct). Core manufactured products came in at -0.2% Y/Y (-0.2% Y/Y in Oct).
  • Energy contributed to the Y/Y increase between October and November; it was unrevised from the flash at -0.7% Y/Y (-2.0% Y/Y in Oct).
  • INSEE’s seasonally adjusted CPI series highlights further easing headline inflation momentum. The 3m/3m seasonally adjusted annualised rate fell to -0.71% in November, the lowest since June 2020.
  • There was a marginal decrease in the proportion of subcomponents with annual inflation rates above 2% in November (35% vs 36% prior) although the proportion with annual inflation rates above 6% rose marginally (11% vs 10% prior) - after remaining at 10% for four consecutive months.

 

 

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French final November HICP inflation was unrevised from the flash print on a rounded basis at 1.7% Y/Y (vs 1.59% in October). On an unrounded basis, HICP inflation was 1.68% Y/Y, 3 hundredths softer than the flash reading of 1.71% Y/Y. CPI inflation was also unrevised from flash at 1.3% Y/Y (vs 1.2% in October). On a unrounded basis it was 8 hundredths below flash at 1.26% Y/Y (vs 1.34% flash, 1.23% prior). 

  • Core CPI rose marginally to 1.5% Y/Y (vs 1.4% in October).
  • Services was revised down 2 tenths from flash to 2.3% Y/Y (2.3% in Oct) while core services rose to 2.8% Y/Y from 2.6% Y/Y in Oct (there is no flash for that series).
  • The broad "manufactured products" index was revised down a tenth from the flash to -0.3% Y/Y (-0.2% Y/Y in Oct). Core manufactured products came in at -0.2% Y/Y (-0.2% Y/Y in Oct).
  • Energy contributed to the Y/Y increase between October and November; it was unrevised from the flash at -0.7% Y/Y (-2.0% Y/Y in Oct).
  • INSEE’s seasonally adjusted CPI series highlights further easing headline inflation momentum. The 3m/3m seasonally adjusted annualised rate fell to -0.71% in November, the lowest since June 2020.
  • There was a marginal decrease in the proportion of subcomponents with annual inflation rates above 2% in November (35% vs 36% prior) although the proportion with annual inflation rates above 6% rose marginally (11% vs 10% prior) - after remaining at 10% for four consecutive months.