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After Germany, France also overshoots ECB inflation target in May

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After Germany, France also overshoots ECB inflation target in May

French inflation rose to an annual 2.3% in EU-harmonized terms in May from 1.8% in April, surpassing the European Central Bank's target of just under 2% for the eurozone.

In monthly terms, harmonized inflation accelerated to 0.4% in May from 0.2% a month ago, provisional data from the National Institute of Statistics and Economic Studies showed.

German and Spanish prices also rose more than the ECB's target in May.

France's own consumer price inflation came in at an annual 2.0% this month, exceeding April's reading of 1.6% and Econoday's consensus estimate of 1.8%. The annual increase was primarily due to higher energy and, to a lesser extent, food prices.

On a monthly basis, consumer prices went up 0.4% after rising 0.2% last month.

Meanwhile, producer prices on all markets dropped 0.6% month over month in April following a 0.3% rise in March. In annual terms, producer prices rose 1.7% in April compared with a 2.0% rise in the prior month.