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French consumer spending falls in October, inflation unchanged in November

France’s economy eked out meagre growth in the third quarter of 2022 while household spending fell more than expected in October and inflation remained at a high of 7.1% in November.

Consumer spending fell 2.8% in October month-on-month against expectations of a 0.6% decline, reflecting notably a 7.9% fall in energy consumption amid high energy prices made worse by the war in Ukraine.

French consumer prices rose 6.2% year-on-year in November, unchanged from October, reflecting higher food and manufactured goods prices and a slight slowdown in energy prices, preliminary data from INSEE also showed.

On an EU-harmonised basis, the year-on-year rate remained at 7.1% in November, in line with the forecasts of economists polled by Reuters.

INSEE also reported third quarter economic growth of 0.2%, unchanged from a preliminary estimate of 0.2%.
Source: Reuters

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