Data published by INSEE showed that last month, the French consumer price index rose by 0.4%, which coincided with the change in October and experts' forecasts. The CPI increase was due to an increase in the cost of services (+0.2% compared to October), food (+0.4% m/m), and industrial goods (+0.2% m/m). Meanwhile, the growth of energy prices slowed sharply in November to 1.5% compared to 4.8% in October.
The data also showed that in annual terms, the growth of the consumer price index slowed to 2.8% compared with 2.6% in October. Economists also expected an increase of 2.8%. The main catalysts for the CPI increase in November were the increase in energy prices (+21.6%), industrial goods (+0.8%) and services (+1.9%). Meanwhile, food prices increased by 0.5% per annum after an increase of 0.7% per annum in October.
INSEE also reported that core inflation - excluding energy and food prices - increased by 1.7% per annum in November, slowing down compared to October (+1.4% per annum).