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Financial News: French Inflation Rises Unexpectedly To 5.9%

French Inflation Rises Unexpectedly To 5.9%

04/28/2023 - 04:38:00 (RTTNews)

(RTTNews) - France's consumer price inflation rose unexpectedly at the start of the second quarter amid an upturn in energy costs, though marginally, preliminary data from the statistical office Insee showed on Friday.

The consumer price index climbed 5.9 percent year-over-year in April, following a 5.7 percent rise in February. Meanwhile, economists had forecast inflation to remain stable at 5.7 percent.

The slight increase in inflation was largely driven by developments in energy. The annual price growth in energy accelerated from 4.9 percent in March to 7.0 percent in April.

At the same time, food price inflation eased to 14.9 percent from 15.9percent. Prices for manufactured goods advanced 4.7 percent, and those for services grew 3.2 percent.

On a monthly basis, consumer prices went up 0.6 percent in April, after a 0.9 percent increase in the prior month. The expected increase was 0.4 percent.

EU harmonized inflation climbed to 6.9 percent in April from 6.7 percent in the prior month. Economists were looking for an increase of 6.6 percent.

Month-on-month, the HICP increased 0.7 percent from March, when it grew 1.0 percent. That was above the expected rise of 0.4 percent.

Separate official data showed that industrial producer price inflation in the French home market decelerated to 12.9 percent in March from 15.8 percent in March.

The prices of extractive industry products, energy and water alone grew 26.8 percent annually in March, but slightly slower than the 27.8 percent surge in the prior month.

At the same time, the prices of refined petroleum products registered a sharp decline of 22.2 percent.

Producer prices in the foreign market rose only 0.2 percent annually in March, and total producer price inflation moderated to 9.5 percent from 13.3 percent in February.

On a monthly basis, domestic producer prices rebounded 2.0 percent in March, following a 0.9 percent fall in the previous month.

Data released earlier showed that the French economy expanded by 0.2 percent in the first quarter on the back of robust foreign demand. The International Monetary Fund projected France's GDP to grow 0.7 percent this year and 1.3 percent in 2024.

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