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Financial News: French Inflation Accelerates In May

French Inflation Accelerates In May

06/14/2024 - 03:26:00 (RTTNews)

(RTTNews) - France's consumer price inflation accelerated in May on higher energy and food prices, final data from the statistical office INSEE showed on Friday.

The consumer price index climbed 2.3 percent on a yearly basis in May, faster than the 2.2 percent increase seen in April. The rate for May was revised up from 2.2 percent. The slight increase in inflation resulted from higher prices of energy and food. Energy prices grew at a faster pace of 5.7 percent due to base effect.

Food price inflation rose to 1.3 percent from 1.2 percent. Meanwhile, services inflation softened to 2.8 percent from 3.0 percent and manufactured product prices fell again by 0.1 percent.

Core inflation eased to 1.7 percent from 1.9 percent in April.

On a monthly basis, consumer prices remained flat in May, as initially estimated, versus a 0.5 percent increase a month ago.

EU-harmonized inflation rose less than initially estimated to 2.6 percent from 2.4 percent in the prior month. The flash estimate showed an annual rate of 2.7 percent for May.

Monthly, the HICP moved up 0.2 percent, which was revised up from 0.1 percent. This follows a 0.6 percent gain in April.

The statistical office said the difference between the HICP and the CPI change was explained by the fall in reimbursements in the health sector and by the annual evolution of energy prices, which weight was greater in the HICP.

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