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Financial News: French Inflation Slows Unexpectedly

French Inflation Slows Unexpectedly

08/31/2022 - 09:42:00 (RTTNews)

(RTTNews) - France's consumer price inflation slowed unexpectedly in August, after accelerating in the previous month, preliminary data from the statistical office INSEE showed Wednesday. The consumer price index rose 5.8 percent year-on-year following a 6.1 percent increase in July. Economists had expected the rate to remain unchanged at 6.1 percent. In June, inflation was 5.8 percent. This decrease in inflation should result from the slowdown of energy prices, the statistical office said. Services costs were unchanged and prices of manufactured goods and food rose at faster rates.

On a month-on-month basis, consumer prices rose 0.4 percent following a 0.3 percent increase in July. Economists had forecast a 0.5 percent increase. INSEE said the prices of manufactured goods should rebound in tandem with the end of summer sales, and those of food should accelerate. Prices of services slowed down, and the decrease in energy prices was more marked than in July.

The Harmonised Index of Consumer Prices, or HICP, should rose 6.5 percent year-on-year, after a 6.8 percent rise in July. Economists were looking for 6.7 percent inflation.

Compared to the previous month, the EU measure of inflation increased 0.4 percent after a 0.3 percent rise in July. Economists had forecast an acceleration to 0.6 percent. Separate data from INSEE showed that domestic market producer prices rose 1.6 percent in July from the previous month, when they grew 1.3 percent.

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