| Actual | Previous | |
| Month over Month | 1.0% | 1.0% |
| Year over Year | 2.2% | 2.2% |
| HICP - M/M | 1.2% | 1.2% |
| HICP - Y/Y | 2.5% | 2.5% |
Highlights
Consumer prices rose 1.0 percent in April from their March level and were 2.2 percent higher than a year ago, according to final results reported today, matching the preliminary estimates reported earlier this month.
Higher energy prices were responsible for the gains, as they rose 4.7 percent in April month-on-month while posting a 14.3 percent gain over their year-ago levels. This is the second month of the conflict in the Middle East which has been pushing energy prices higher. Still, compared to other European economies, inflation in France is relatively low. For now.
Higher energy prices were also reflected in higher transportation costs which rose 9.1 percent in April from a month ago, but were up a more modest 1.4 percent year-on-year.
Consumers spent 0.2 percent more on food in April than in March, with fresh food up 1.0 percent.
Core inflation which excludes energy and other volatile items rose 0.3 percent in April from March and 1.2 percent in April year-on-year after a 1.1 percent gain in March.
The Harmonized index of Consumer Prices (HICP) used to compare inflation across European economies increased 1.2 percent month-on-month and 2.5 percent year-on-year, also matching preliminary estimates.
With the Middle East conflict now in its third month, there will be no respite in energy prices in May either and are likely to add further upward pressures. While core inflation remains relatively moderate, the fact is higher energy prices will eat into consumer discretionary spending which will impact the broader economy and GDP.