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Financial News: France Inflation Highest In Nearly 3 Years

France Inflation Highest In Nearly 3 Years

09/30/2021 - 06:52:00 (RTTNews)

(RTTNews) - France consumer price inflation accelerated to the highest level in nearly three years in September, the provisional estimate from the statistical office Insee showed on Thursday.

Consumer price inflation advanced to 2.1 percent in September from 1.9 percent in August but slightly below economists' forecast of 2.2 percent.

This was the highest rate since October 2018, when inflation was 2.2 percent.

EU harmonized inflation increased to 2.7 percent from 2.4 percent in the previous month. The expected rate was 2.8 percent.

The increase in inflation resulted from the acceleration in service and energy prices. The prices of manufactured goods, and to a lesser extent food and tobacco increased at slower rates.

On a monthly basis, consumer prices dropped 0.2 percent, reversing Augusts' 0.6 percent rise. Prices were forecast to fall 0.1 percent.

Similarly, the HICP was down 0.2 percent, following a 0.7 percent increase a month ago. Economists had forecast a marginal drop of 0.1 percent for September.

In a separate communiqué, the Insee said household consumption recovered in August driven by the rebound in food consumption.

Household consumption grew 1 percent month-on-month, reversing a 2.4 percent fall in July. Economists had forecast a marginal growth of 0.1 percent.

Energy consumption grew 0.6 percent, while engineered goods spending fell 0.6 percent. Consumption of food products gained 3.1 percent.

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