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The causes behind the France/euro area core inflation gap
[Les causes de l’écart d’inflation sous-jacente France / Zone euro]

Author

Listed:
  • Louis de Charsonville
  • Violaine Faubert
  • Antoine Sigwalt

Abstract

Since the start of 2016, French core inflation has been far below the euro area average. This gap can be attributed to the differences in economic fundamentals, such as the slower improvement in the labour market in France compared with that of the euro area as a whole, and, more recently, temporary shocks, such as the decline in the communications prices. Depuis début 2016, l’inflation sous-jacente française est nettement inférieure à la moyenne de la zone euro. Cet écart s’explique par des différences de fondamentaux économiques, comme le rétablissement plus modeste du marché du travail en France que dans l’ensemble de la zone, et, plus récemment, par des chocs temporaires, comme la baisse du prix des communications.

Suggested Citation

  • Louis de Charsonville & Violaine Faubert & Antoine Sigwalt, 2017. "The causes behind the France/euro area core inflation gap [Les causes de l’écart d’inflation sous-jacente France / Zone euro]," Eco Notepad 40, Banque de France.
    • Handle: RePEc:bfr:econot:40
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