French annual inflation slowed to 1.1% on an EU-harmonized basis in May from 1.5% in April, provisional data from the National Institute of Statistics and Economic Studies showed.

On a monthly basis, inflation came in at 0.2% in May, down from 0.4% in April.

In nonharmonized terms, annual inflation decreased to 1.0% in May from 1.3% in April as a result of a slowdown in the prices of food, energy and services, as well as a drop in prices of manufactured goods. Food prices grew at a slower rate of 2.3%, compared to 2.5% in the previous month. Energy prices grew at 3.4%, down from 4.8% in April.

The annual growth rate of services prices came in at 0.7%, down from 1.0% in April. Prices of manufactured products fell 0.6%, having already dropped 0.5% a month ago.

Monthly nonharmonized inflation slowed to 0.2% from 0.3% in April.

Separately, producer prices in the French market increased 2.2% year over year in April, compared to a revised 2.0% in March. On a monthly basis, factory prices declined by 0.6% in April after stalling in March.