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French headline inflation slows down in May on downturn in services prices

French headline inflation eases in May. On a sequential basis, the consumer price inflation slowed to 0.1 percent from April’s 0.3 percent. This deceleration was mainly driven by a downturn in services prices. On the contrary, food prices accelerated sharply. Those of manufactured product (+0.2% after +0.1%) and tobacco (+0.3% after +0.1%) increased more than in the previous month. Energy prices rose at the same rate as in April.

On a year-on-year basis, consumer prices eased to 0.9 percent in May from April’s 1.3 percent. The drop in inflation was due to a lesser dynamism in the prices of services, energy and food, and a more pronounced fall in those of manufactured product. Only tobacco prices saw a rise.

Meanwhile, core inflation slowed to 0.5 percent year-on-year from April’s 0.7 percent. The harmonized index of consumer prices (HICP) decelerated on a monthly basis to 0.1 percent in May, while it eased to 1.1 percent on a year-on-year basis.

At 13:00 GMT the FxWirePro's Hourly Strength Index of Euro was bearish at -79.6732, while the FxWirePro's Hourly Strength Index of US Dollar was bullish at 79.639. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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