Consumer prices in France rose 6.2% year-on-year in November 2022, calculated by French standards, after the same increase in October, preliminary data from the national statistics office Insee showed. Consensus had suggested an increase of 6.1%. Relative to the previous month, prices rose by 0.4%.

Food prices in France in November increased by 12.2% year-on-year (in October – an increase of 12%), with fresh products became more expensive by 12.5%. Energy prices rose 18.5% after jumping 19.1% in October. Prices for manufactured goods rose 4.4% after a 4.2% increase a month earlier. Services became more expensive by 3% (3.1% in October). Prices for tobacco products rose 0.3%.

Consumer prices in France, harmonized with European Union standards, rose by 7.1% year-on-year in November. Prices also rose by 7.1% in October, and analysts polled by Trading Economics expected inflation to remain unchanged.

Final inflation data for November will be released on December 15.

Meanwhile, consumer spending in France fell 2.8% in October 2022 from the previous month’s 1.3% rise. That’s the biggest monthly drop since April 2021, Insee notes. Analysts surveyed by Bloomberg had expected a more moderate decline of 1%. The consensus forecast of experts surveyed by Trading Economics called for a 0.6% decline.

French spending on food fell by 1.4% after a 0.7% decline a month earlier. Spending on clothing and other textiles fell by 4.1% after rising by 5.1% a month earlier. Spending on durable goods fell 1.7% after rising 2.4% in September.

Electricity costs collapsed by 7.9% versus the previous month.