France INSEE: weaker goods price pressure, with exceptions

研报英文原文证据摘录

France INSEE: weaker goods price pressure, with exceptions

J P M O R G A N Europe Economic Research

24 June 2026

France INSEE: weaker goods

price pressure, with exceptions

• INSEE survey sector details show some moderation in manufacturing price Economic and Policy Research

pressures overall Raphael Brun-Aguerre

• However, price pressures in the tech and electrical goods sector have fimed (33-1)raphael.x.brun-aguerre@jpmorgan.com8703 2409

J.P. Morgan Securities plc• Services price pressures have overall been limited and have dissipated in

sectors where they had crystallized

The Flash Euro area PMI yesterday showed that lower energy prices have

translated into weaker price pressures. The PMI input and output price indices

moved down significantly in June, broadly suggesting that domestic price

pressures have moved down to 3%oya, from a signal above 3.5% (see first chart).

The flash PMI survey does not come with any sector breakdown. Some details will

be provided with the EC survey next week. In the meantime, the French INSEE

survey provides some interesting insights.

Looking at the main INSEE indices, the survey shows that the conflict in the

Middle East lifted manufacturing price pressures significantly through May, while

services price indices have broadly moved sideways. A similar outcome was found

in the Euro area PMI output price survey. In June, the French INSEE survey

showed some retracement in manufacturing price indices (on aggregate

representing 15% of the rise seen in prior months). The service price survey also

declined.

Looking into the sector details, the INSEE highlights some important dynamics:

• In the manufacturing sector, the rise in price indices was very strong across the

wood, chemicals and rubber industries following the start of the US-Iran