France final inflation in Jan below initial estimates, but at highest level since Nov 2012

France final inflation for the month of January was released earlier on Tuesday by the statistical office Insee. Data showed that France's inflation accelerated less than initially estimated in January. Nonetheless, inflation remained at its highest level since November 2012.

Final data from the statistical office Insee showed Tuesday that France consumer prices advanced 1.3 percent year-on-year in January, faster than December's 0.6 percent rise but slower than the flash estimate of 1.4 percent. Month-on-month, consumer prices fell 0.2 percent as initially estimated on January 31.

Details of the report showed energy prices surged 10.3 percent year-over-year, while manufactured products prices fell 0.3 percent. Food and services costs advanced 1.3 percent and 0.9 percent, respectively. The month-on-month fall was due to the seasonal decline in manufactured product prices, essentially those of clothing and footwear.

Meanwhile, the harmonized index of consumer prices (HICP), the measure of inflation closely watched by the European Central Bank spiked to 1.6 percent annually, in line with estimate, and double compared to a 0.8 percent rise in December. The HICP dropped 0.3 percent on month instead of the flash estimate of 0.2 percent.