13.01.2023 11:18:13

France Inflation Eases To 5.9% As Estimated In December

(RTTNews) - France's consumer price inflation eased as initially estimated in December amid a slowdown in the price growth of energy, softening pressure on the European Central Bank to tighten policy at an aggressive pace, the latest data from the statistical office INSEE showed on Friday.

The consumer price index climbed 5.9 percent year-over-year in December, slower than the 6.2 percent rise in November. That was in line with flash data published on January 4.

Energy prices surged 15.1 percent annually, which was slower than the 18.4 percent rise registered in November. Food price inflation held steady at 12.1 percent.

Manufactured product prices gained at a faster pace of 4.6 percent, while growth in service costs eased marginally to 2.9 percent.

The monthly comparison of consumer prices showed a 0.1 percent drop in December, in contrast to the 0.3 percent increase in November. There was no change in figures compared to the preliminary report.

France's EU harmonized inflation slowed to 6.7 percent in December from 7.1 percent in the previous month, as estimated. 

Over the past month, the harmonized index of consumer prices, or HICP, also slid 0.1 percent, reversing November's 0.4 percent increase. 

During the year 2022, consumer prices rose 5.2 percent, considerably higher than the 1.6 percent increase in 2021. The sharp upturn was largely led by a 23.1 percent surge in energy prices.