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Financial News: French Inflation Eases To 34-Month Low, Producer Prices

French Inflation Eases To 34-Month Low, Producer Prices Fall Further

06/28/2024 - 04:51:00 (RTTNews)

(RTTNews) - France's consumer price inflation eased in June to the lowest level in nearly three years amid a slowdown in costs for food and energy, a provisional estimate from the statistical office INSEE showed on Friday.

A separate official report showed that producer prices declined for the sixth straight month in May.

The consumer price index climbed 2.1 percent year-over-year in June, following a 2.3 percent rise in the previous month.

Further, this was the weakest inflation since August 2021, when prices had risen 1.9 percent.

This slight fall in inflation was largely due to the slowdown in food and energy prices, the agency said.

The annual price growth in energy softened to 4.8 percent in June from 5.7 percent a month ago, and food inflation eased to 0.8 percent from 1.3 percent. Meanwhile, prices for manufactured products remained flat,

On a monthly basis, consumer prices edged up 0.1 percent in June after remaining stagnant in May.

EU-harmonised inflation eased slightly to 2.5 percent from 2.6 percent in the prior month. Monthly, the HICP increased at a stable rate of 0.1 percent.

In a separate report, the statistical office revealed that industrial producer prices in the home market fell 1.4 percent month-on-month in May, slower than the 3.6 percent decrease in the previous month.

The downward trend in April was attributed to a 4.5 percent fall in prices for mining, energy, and water products. The prices of manufactured products dropped 0.3 percent due to the fall in refined petroleum product prices by 8.0 percent.

On an annual basis, the decline in producer prices was 6.7 percent in May, the same as in April.

Producer prices in the foreign market slid 1.0 percent annually in May. The total producer price index declined at a faster pace of 5.4 percent from last year, after a 5.1 percent fall a month ago.

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