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Financial News: French Consumer Prices Rise At Fastest Pace In

French Consumer Prices Rise At Fastest Pace In 6 Months

02/02/2021 - 04:23:00 (RTTNews)

(RTTNews) - French consumer prices rose at the fastest pace in six months in January, provisional data from the statistical office Insee showed on Tuesday.

Consumer prices climbed 0.6 percent year-on-year in January, after staying flat in December. This was the fastest increase since July, when prices grew 0.8 percent and also bigger than the economists' forecast of 0.4 percent.

The increase in inflation resulted from the acceleration of service prices and that of tobacco prices and from a rebound in manufactured goods prices, due to the offset of winter sales.

Services cost climbed 0.9 percent and tobacco prices advanced 12.7 percent. Manufactured product prices grew 1 percent, while energy prices were down 5.9 percent.

On a monthly basis, consumer prices rose 0.2 percent, the same rate as posted in December and November. Prices were expected to drop 0.1 percent. Final data is due on February 19.

Year on year, the harmonized index of consumer prices climbed 0.8 percent after being stable in December. Economists had forecast an annual growth of 0.4 percent.

On month, the index increased 0.3 percent after rising 0.2 percent in December. Prices were forecast to drop 0.1 percent.

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