Inflation slowed markedly in France in May to stand at 5.1% over one year, after reaching 5.9% in April and more than 6% at the start of the year, according to an initial estimate published on Wednesday by INSEE. “This drop in inflation would be due to the year-on-year slowdown in energy prices […] of manufactured goods and services”, but also food, up 14.1% year-on-year in May after growing by 15% in April, indicates the National Institute of Statistics and Economic Studies.

The increase in the price of fresh produce (10.4% year-on-year) continued almost at the same pace as in April (10.6%), but the cost of other food products, on the other hand, rose less quickly (14.8% compared to 15.8% in April). Disinflation is even starker in energy, where prices rose 2% year on year in May, after a 6.8% jump in April and double-digit growth in recent months.

The cost of manufactured goods (4.1% year-on-year in May) and services (3%) also decelerated, but less rapidly. Tobacco, the cost of which jumped 9.8% over one year in May, is the only exception to the disinflation movement and its price is accelerating for the third consecutive month, notes INSEE all the same. Benchmark indicator for comparisons between European countries, the harmonized index of consumer prices (HICP) rose by 6% year on year in May, growth nearly one point lower than in April ( 6, 9%). Insee is due to publish a second estimate of inflation in May in mid-June.