Consumer prices provisionally fell 0.1 percent on the month in July. This put the annual inflation rate at 2.3 percent, some 0.3 percentage points above its final June outturn and its highest mark since December 2011.
The flash HICP also dipped a monthly 0.1 percent which lifted its yearly rate from 2.3 percent to 2.6 percent.
However, a major part of the annual acceleration was attributable to the more volatile subsectors. Hence, within the CPI basket, energy inflation climbed a full 2 percentage points to 14.3 percent and food (2.0 percent after 1.9 percent) also provided a small boost. Overall manufactured goods prices were still 0.1 percent below their level a year ago, just a tick better off than last time, while the services rate similarly edged only 0.1 percentage points firmer to 1.3 percent.
Today's French data make for some upside risk to the flash July Eurozone inflation report due shortly. However, crucially any pick-up in the core rate still looks likely to be only small.