There were no revisions to the flash CPI data in the final report for June. Consumer prices remain unchanged on the month and 0.7 percent higher on the year, down just a tick from their final May rate.
The final HICP also matched its flash print, posting no change versus May and a 0.8 percent annual inflation rate, similarly down 0.1 percentage points from mid-quarter.
Manufactured product prices were 0.1 percent above their May level and services were up largely seasonal 0.3 percent (airfares 5.0 percent). However, food was down 0.3 percent and energy 1.1 percent (petroleum products minus 2.2 percent). Seasonally adjusted, the overall CPI was flat on the month after a 0.2 percent decline in May. At 0.4 percent, the annual underlying inflation rate was unchanged.
Inflation in France is still struggling to achieve any real traction. The annual underlying rate has not been above 0.5 percent since January and looks unlikely to accelerate significantly any time soon as domestic product markets remain highly competitive. Faster economic growth should provide some lift but the outlook for core inflation near-term would seem only broadly flat.