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Uptick in Core Prices at Fresh Euro-High

FRANCE DATA
MNI (London)

FRANCE OCT CPI +1.0% M/M, +6.2% Y/Y; SEP -0.6%M/M, +5.6 Y/Y

  • French inflation was confirmed at the fresh 1985 high of +6.2% y/y in October's final prints. This follows briefly easing price pressures in September.
  • Energy prices rebounded (+5.8% m/m after -2.6%) after three consecutive months of cooling due to a jump in fuel costs. Food prices ticked up further (+1.7% m/m vs +1.1% prior).
  • Core inflation increased by 0.5pp to +5.0% y/y alone, boosted by clothing and other manufactured products.
  • This confirms that price pressures are becoming more broad-based, adding to concerns that the ECB will need to tighten policy more substantially to see inflation come off peaks.

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FRANCE OCT CPI +1.0% M/M, +6.2% Y/Y; SEP -0.6%M/M, +5.6 Y/Y

  • French inflation was confirmed at the fresh 1985 high of +6.2% y/y in October's final prints. This follows briefly easing price pressures in September.
  • Energy prices rebounded (+5.8% m/m after -2.6%) after three consecutive months of cooling due to a jump in fuel costs. Food prices ticked up further (+1.7% m/m vs +1.1% prior).
  • Core inflation increased by 0.5pp to +5.0% y/y alone, boosted by clothing and other manufactured products.
  • This confirms that price pressures are becoming more broad-based, adding to concerns that the ECB will need to tighten policy more substantially to see inflation come off peaks.