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Jan Data Confirms Expiration of Energy Support Boosted CPI

MNI (London)

FRANCE JAN FINAL HICP +0.4% M/M, +7.0% Y/Y (=FLASH); DEC +6.7% Y/Y

  • French January inflation was confirmed at flash levels, up +0.4% m/m and +7.0% y/y in the harmonised data. This was only 0.1pp below the November peak.
  • Food and energy prices drove the rebound in French inflation in January, boosted by the winding back of government energy support measures which saw fuel and regulated gas prices jump recently.
  • Food prices accelerated by +1.7% m/m (+0.5% in Dec), whilst services slowed 0.2pp to +0.1% m/m and manufactured products fell -1.1% m/m (+0.2% in Dec) due to winter sales.

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