France's annual inflation edges up to 1.2% in October 2024

France's annual inflation rate increased to 1.2% in October 2024 from a 3-and-a-half-year low of 1.1% in September, aligning with earlier estimates.

France's annual inflation edges up to 1.2% in October 2024

The main contributors to the increase were services, which rose by 2.3% (compared to 2.4% in September), driven by higher transport costs (+4.1%) and increased expenses for rent, water, and household waste removal (+2.9%). Tobacco prices also remained elevated at 8.7%, the same rate as last month. Food prices slightly accelerated, rising 0.6% compared to 0.5% in September, with fresh products jumping 4.5% versus 2.6% the previous month. On the other hand, energy prices fell slower (-2% vs -3.3%), and manufactured goods saw a modest decline of -0.2% compared to -0.3% in September. Every month, the CPI rose by 0.3%, surpassing the initial estimate of 0.2%, following a 1.2% drop in September.

EU-harmonized inflation rises to 1.6% in October 2024

The EU-harmonized inflation rate increased to 1.6%, slightly above the preliminary estimate of 1.5% and the previous month's rate of 1.4%. The harmonized CPI also rose by 0.3%, in line with the initial estimate, after a 1.3% decrease in the prior month.