Consumer prices were unrevised in the final data for September. A 0.2 percent monthly fall in the CPI matched the provisional estimate and similarly left the annual inflation rate unchanged at 2.2 percent, a tick down on its final August mark.
The final HICP followed suit, unrevised from its 0.2 percent monthly drop and 2.5 percent yearly rise, the latter again 0.1 percentage points short of the mid-quarter outturn.
The main driver behind the dip in the annual CPI rate was services where inflation eased from 1.3 percent to 1.1 percent. That said, deflation in manufacturing also became a little more intense at 0.2 percent. Energy (12.8 percent after 13.0 percent) had a small negative impact but food (2.8 percent after 2.2 percent) provided a significant boost. As a result, the (seasonally adjusted) underlying core rate fell 0.2 percentage points to just 0.7 percent, its weakest reading so far in 2018.
Today's final CPI data duly confirm a stubbornly soft picture of underlying inflation in France. The ECB will not be happy.