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Services Prices Sticky In October


French flash October inflation came broadly in line with expectations for both CPI and HICP. The annual CPI print was driven lower by a slowdown in energy, food and non-energy industrial goods prices.

  • However, services prices rose on an annual and monthly basis (drive largely by transport prices), which pushed the M/M prints back into positive territory. Services were 0.3% M/M (vs -1.6% prior) and 3.2% Y/Y (vs 2.9% prior).
  • Overall, the print may suggest sideways progress on core metrics in October.
  • CPI was 4.0% Y/Y (4.0% cons; 4.9% prior) and 0.1% M/M (0.2% cons; -0.5% prior), while HICP was 4.5% Y/Y (4.5% cons; 5.7% prior) and 0.2% M/M (0.2% cons; -0.6% prior).
  • The image plots the Y/Y and M/M evolution of the headline:

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