Financial News: French Inflation Stable At 2.2%, Producer Price Decline

French Inflation Stable At 2.2%, Producer Price Decline Intensifies

05/31/2024 - 08:32:00 (RTTNews)

(RTTNews) - France's consumer price inflation held steady in May after easing in the previous four months, a provisional estimate from the statistical office INSEE showed on Friday.

A separate official report showed that producer prices continued to decline in April.

The consumer price index climbed 2.2 percent year-over-year in May, the same rate of increase as in the previous month. Meanwhile, economists had forecast inflation to rise to 2.4 percent.

This stagnation in inflation was mainly due to a slight slowdown in the prices of services and tobacco, offset by a sharp acceleration in energy prices due to a base effect, the agency said.

The annual price growth in energy accelerated to 5.8 percent in May from 3.8 percent a month ago. Meanwhile, prices for manufactured products remained flat, and food inflation rose marginally to 1.3 percent from 1.2 percent.

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

EU-harmonised inflation rose to 2.7 percent from 2.4 percent in the prior month. Monthly, the HICP moved up 0.2 percent versus a 0.6 percent gain in April. The expected annual increase was 2.5 percent.

In a separate report, the statistical office revealed that industrial producer prices in the home market fell 3.6 percent month-on-month in April, faster than the 1.0 percent decrease in the previous month.

The downward trend in April was attributed to a 12.6 percent plunge in prices for mining and quarrying products, energy, and water.

On an annual basis, the decline in producer prices softened to 6.8 percent from 8.3 percent in March.

Producer prices in the foreign market slid 1.0 percent annually in April. The total producer price index declined at a slower pace of 5.4 percent from last year, after a 6.6 percent fall a month ago.

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