Financial News: French Inflation Slows To 2.2%, Lowest In 31

French Inflation Slows To 2.2%, Lowest In 31 Months

04/30/2024 - 04:59:00 (RTTNews)

(RTTNews) - France's consumer price inflation eased further in April to the lowest level in just over two-and-a-half years, largely due to a lower increase in food prices, flash data from the statistical office INSEE showed on Tuesday.

The consumer price index, or CPI, posted an annual increase of 2.2 percent in April, slightly slower than the 2.3 percent rise in March.

The rate was the weakest since September 2021, when the figure was also 2.2 percent. Consumer prices were forecast to ease by 2.1 percent in April.

This slight decrease in inflation should be explained partly by the slowdown of prices of food and tobacco and partly by the slight year-on-year decrease in those of manufactured products, the agency said.

Food inflation moderated to 1.2 percent from 1.7 percent. At the same time, energy prices grew at a faster rate of 3.8 percent versus a 3.4 percent increase in March.

Manufactured product prices dropped 0.1 percent, while service cost inflation remained stable at 3.0 percent.

Month-on-month, the CPI climbed 0.5 percent after rising 0.2 percent in March, in line with expectations.

Data showed that harmonised inflation remained steady at 2.4 percent in April. The monthly HICP moved up 0.6 percent after rising 0.2 percent in March.

Separately, the statistical office said producer prices decreased for the fourth consecutive month in March.

Producer prices in the domestic market dropped 7.5 percent annually in March, following February's 5.5 percent fall. Prices for mining and quarrying, energy, and water alone plunged by 17.7 percent.

On a monthly basis, producer prices dropped 0.2 percent after declining 1.7 percent in February.

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