According to Jinshi Data, France's inflation rate rose slightly in November, with the initial annual rate of harmonized CPI up 1.7% year-on-year, higher than 1.6% in October. Service prices were the main driving factor, up 2.5% year-on-year.
Energy prices fell year-on-year, but by less than the previous month. Broader inflation data for the euro zone is due on Friday evening and is expected to be above the ECB’s 2% target.
Still, the ECB is widely expected to cut interest rates at its policy meeting next month as Europe’s economy struggles to keep pace. Data showed French consumers spent less in the early stages of the final quarter of the year, which could contribute to a slowdown.