Core CPI in France

France's core CPI measures the change in consumer prices excluding the most volatile items, energy and fresh food. Published by the national statistics office (INSEE), it captures the underlying trend in inflation.

INSEE compiles the index from a broad monthly price survey weighted by the household consumption basket, stripping out the energy and fresh-food groups. It is released as year-on-year (YoY) and month-on-month (MoM) percentage changes.

By filtering out the most erratic prices it gives a cleaner read on persistent inflation pressures, so the ECB watches it closely when steering monetary policy. A hotter-than-expected print tends to push rates and the euro higher.

By excluding energy and fresh food it does not reflect the real cost households face when those prices surge, so it should be read alongside headline CPI. It is also subject to revisions and seasonal effects.