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France’s inflation steady at 0.7%

France’s inflation steady at 0.7%

PARIS: French inflation held steady in July, as estimated initially, final data from the statistical office Insee showed Friday. Consumer prices climbed 0.7 percent year-on-year in July, the same rate as seen in June and in line with the preliminary estimate. Food and energy prices climbed 0.7 percent and 1.9 percent, respectively. Services costs moved up 1 percent. Meanwhile, manufactured products prices fell 0.4 percent. On a monthly basis, consumer prices dropped 0.3 percent after staying flat. The rate matched preliminary estimate. Seasonally adjusted, consumer prices remained unchanged for the second consecutive month.

Over a month, the decrease in prices came from a significant downturn in manufactured product prices due to the summer sales and from a further drop in energy prices. Inflation, based on the harmonized index of consumer prices, also held steady in July, at 0.8 percent. Month-on-month, the HICP slid 0.4 percent. Both monthly and annual figures came in line with the estimate released on July 28. The core inflation indicator remained stable on month after a 0.1 percent rise in June. Year-on-year, it rose by 0.5 percent, slightly faster than the 0.4 percent rise in June.