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France : CPI  
Released On 11/14/2018 2:45:00 AM For Oct (f), 2018
PriorConsensusActual
Month over Month0.1 %0.1 %0.1 %
Year over Year2.2 %2.2 %2.2 %

Highlights
Consumer prices were unrevised in the final report for October. A 0.1 percent monthly rise left the annual inflation rate unchanged at September's final 2.2 percent mark and so only just short of the 90-month peak posted in July/August.

The final HICP similarly matched its flash estimate and so still shows a 0.1 percent monthly increase and a 2.5 percent yearly rate, also in line with the final September print.

Steady annual CPI inflation masked a slight uptick in services (1.2 percent from 1.1 percent) but stronger deflation in manufacturing (0.4 percent after 0.2 percent). Weaker prices in the latter were largely attributable to clothing and footwear (0.0 percent after 0.5 percent). Amongst the more volatile categories, food (2.2 percent after 2.8 percent) was notably softer but energy (13.8 percent after 12.8 percent) moved in the opposite direction. As a result, core inflation edged a tick firmer but, at only 0.8 percent, was still below its level at the start of 2018 and historically very low.

The final October data reaffirm a soft picture of underlying French inflation. Indeed, declining prices in manufacturing seem to be becoming increasingly well entrenched. The ECB cannot be happy.

Definition
The consumer price index (CPI) is a measure of the average price level of a fixed basket of goods and services purchased by consumers. Monthly and annual changes in the CPI represent the main rates of inflation. The national CPI is released alongside the HICP, Eurostat's harmonized measure of consumer prices. A flash estimate was released for the first time in January 2016 and is now published towards the end of each reference month.  Why Investors Care
 
 

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