News ID: 254246
Published: 1048 GMT June 14, 2019

French inflation slows faster than expected in May

French inflation slows faster than expected in May

French monthly inflation slowed faster than expected in May, thanks largely to a fall in service sector prices which offset a marked acceleration in food prices, final EU-harmonized data from the INSEE statistics agency showed on Friday.

Consumer prices rose 0.1 percent compared to April to give a 12-month inflation rate of 0.9 percent. The final May figure was below forecast (1.1 percent) and below April’s revised rate of 1.3 percent, Reuters wrote.

The European Central Bank (ECB) has a target for inflation within the eurozone bloc at just below two percent, although faltering economic growth in the region has resulted in eurozone inflation consistently coming in below the ECB’s target.

INSEE said service sector prices fell 0.2 percent on the month. On a year-on-year basis, a fall in air transport and communication prices left services-sector inflation at 0.6 percent compared to 1.0 percent in April.

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