Annual inflation in France reaches 1.8 percent last month, less than market expectations
Date
9/15/2024 4:22:25 AM
(MENAFN) In August, France's annual inflation rate was reported at 1.8 percent, slightly under the market expectation of 1.9 percent, as per official data released on Friday by Insee, the national statistical office. This figure was a decrease from the previous month's rate of 2.3 percent and was notably lower than the preliminary forecast of 1.9 percent that Insee had projected.
The reduction in inflation was largely attributed to a significant slowdown in energy prices. The energy sector experienced a marked deceleration, particularly in the prices of electricity and petroleum products, which contributed significantly to the easing of overall inflation. This sharp slowdown in energy prices played a crucial role in the lower inflation rate reported for August.
Breaking down the specific price movements for the month, the data revealed that energy prices rose by a modest 0.4 percent, while food prices increased by 0.5 percent. However, the cost of services saw a substantial rise of 3 percent, indicating a significant increase in service-related expenses. In contrast, the prices of manufactured products saw a slight decrease of 0.1 percent compared to the previous year.
Notably, tobacco prices experienced a considerable jump, rising by 8.7 percent, which represents a significant upward trend in this category. These varied movements across different sectors highlight the complexity of France's inflationary environment as it adjusts to shifting economic conditions and price changes.
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