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French consumer spending climbs for second month, inflation slowed slightly

Staff Writer |
France's consumer spending increased for the second straight month in May, figures from the statistical office INSEE showed Friday.

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Consumer spending climbed 1.0% month-over-month in May, faster than the 0.4% rise in April.

Consumption on engineered goods bounced back by 1.5% in May, following a 1.1% drop in the prior month.

Meanwhile, energy consumption rose at a slower rate of 2.3% after a 3.4% gain in April.

On a yearly basis, consumer spending grew 1.9% in May, above the 0.9% increase economists had expected.

France's inflation slowed slightly, as expected, in June on easing energy price growth, preliminary data from the statistical office Insee showed Friday.

Consumer price inflation came in at 0.7% in June, down from 0.8% in May.

Food inflation accelerated to 0.7% from 0.4%, while energy price growth more than halved to 2% from 5.3%.

On a monthly basis, consumer prices remained flat, in line with expectations.

The harmonized index of consumer prices climbed 0.8% annually versus 0.9% rise in May. Month-on-month, the HICP remained unchanged in June.

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