French inflation keeps on its downward path

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The decline is largely due to the slowdown in prices of energy, services and manufactured goods. However, food prices, which are a major driver of inflation, have failed to slow down as significantly.

ANNOUNCEMENT

Inflation continues to fall in France, falling to 3.5% year-on-year in November, thanks largely to slowing energy and services prices, according to new data from the country’s statistics office.

Compared to October, when consumer prices increased by 4.0% on an annual basis, France records a clear cooling in inflation.

“This decline in inflation is the result of a one-year slowdown in energy prices (3.1% after 5.2% in October), services (2.8% after 3.2%) and goods manufactured goods (1.9% after 2.2%),” the National Institute for Statistics and Economic Studies (Insee) said on Friday.

In the energy sector, various prices fell, in particular those of petroleum products (-1.4% after 1.8% in October) and diesel (-2.5% from 1.6%). Price increases slowed for gasoline (7.5% from 13.5%) and electricity (16.1% from 18.5%).

In services, transport prices above all explain the slowdown: according to Insee they have fallen drastically, from 5.4% to -1.4%.

According to INSEE, the prices of “other services” increased at a pace close to that of the previous month (4.3% after 4.4%), in particular those relating to social protection, catering, maintenance and repairs of the house and private vehicles.

Over a year, the price of manufactured goods rose 1.9% in November, after 2.2% in October.

On the other hand, the prices of food products (7.7% after 7.8%), one of the main drivers of inflation, and those of tobacco (9.8% after 9.9%) have slowed down “to an extent minor”, notes the institute.

Core inflation, which excludes more volatile items such as energy and some food products, providing a more consistent trend in price movements, fell significantly to 3.6% year-on-year in November, down from 4 .2% year-over-year in October.

The harmonized index of consumer prices (HICP), used for comparisons at a European level, “fell in the space of a month (-0.2% after 0.2% in October)” and slowed down in the over a year, according to Insee, rising 3.9% in November after 4.5% in October.

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