French preliminary inflation at 2.2% in August, slightly above forecasts
2024.08.30 03:37
(Reuters) – French consumer price inflation eased in August compared to a year ago, mainly due to lower petroleum product prices and electricity costs, preliminary data from statistics agency INSEE showed on Friday.
France’s EU-harmonized inflation, which enables comparisons with other eurozone countries, rose 2.2% year-on-year in August compared to 2.7% a year earlier, while economists polled by Reuters had expected a rise of 2.1% on average.
Over the year, electricity prices fell due to a base effect, while service prices rose, particularly in accommodation and transport, INSEE said.
Prices for food, manufactured goods and tobacco rose at the same rate as in the previous month, the agency added.
The consumer price index (CPI) – inflation calculated according to French standards – rose by 1.9% for the twelve months through August, against a revised number of 2.3% in July.
