France's consumer price inflation saw an uptick in May, driven by rising energy and food prices, according to final data released by the statistical office INSEE on Friday.
The Consumer Price Index (CPI) increased by 2.3% year-on-year in May, slightly above the 2.2% rise recorded in April. This rate for May was revised up from an earlier estimate of 2.2%. The modest inflation growth was primarily due to higher energy and food costs. Specifically, energy prices surged by 5.7%, reflecting a base effect.
Food price inflation edged up to 1.3% from the previous 1.2%. Conversely, services inflation moderated to 2.8% from 3.0%, and the prices of manufactured products decreased slightly by 0.1%.
Core inflation, which excludes volatile items, eased to 1.7% from April’s 1.9%.
On a monthly basis, consumer prices were stable in May, consistent with initial estimates, following a 0.5% increase in the prior month.
The EU-harmonized inflation rate (HICP) rose to 2.6%, lower than the initially estimated 2.7% and up from 2.4% in April. Monthly, the HICP rose by 0.2%, up from a preliminary estimate of 0.1% and following a 0.6% increase in April.
The statistical office noted that the discrepancy between HICP and CPI changes stemmed from reduced reimbursements in the health sector and the annual fluctuation in energy prices, which have a more significant impact on the HICP.
