French y/y consumer inflation confirmed at 1.7% in November

(Reuters) -Consumer prices in France were up 1.7% year-on-year in November, statistics office INSEE said on Friday, in line with its preliminary reading published late last month.

The EU-harmonised year-on-year inflation figure in the bloc’s second biggest economy accelerated slightly from the October reading of +1.6%.

Analysts in a Reuters poll had on average expected a preliminary EU-harmonised inflation figure of 1.7% in November.

November’s figure was affected by a seasonal slowdown in air transport prices, which drove down service prices.

On a monthly basis, prices fell 0.1% in November, having risen 0.3% in October.

Energy prices were down 0.7% on the year after a reading of minus 0.2% in October, INSEE said.

However, food prices were up 0.2% in the year to November after an increase of 0.6% in the year to October, while services inflation was unchanged at 2.3%, INSEE data showed.