CAC 40指数周五下跌0.2%，至7943点左右，这是连续第三次下跌，交易员在评估经济数据的同时，为下周美国的额外关税做准备。初步数据显示，3月份消费者通胀率稳定在0.8%，为2021年2月以来的最低水平，而生产者价格指数自去年9月以来首次下跌。家庭消费继续下降，尽管速度较慢，但仍低于市场预期。与此同时，在4月2日美国新的互惠关税之前，市场仍然保持谨慎，这引发了人们对更广泛的贸易争端和全球经济前景的担忧。在个股中，意法半导体和雷诺均下跌超过2%，而泰雷兹（-1.9%）、Stellantis（-1.5%）和达索系统（-1.5%。本周，该指数预计将下跌1%以上。

The CAC 40 fell 0.2% to around 7,943 on Friday, marking its third consecutive decline, as traders assessed economic data while bracing for additional US tariffs next week. Preliminary data showed consumer inflation held steady at 0.8% in March, its lowest level since February 2021, while producer prices fell for the first time since last September. Household consumption continued to decline, albeit at a slower pace, but still missed market expectations. Meanwhile, markets remained cautious ahead of fresh US reciprocal tariffs in April 2, raising concerns about broader trade disputes and the global economic outlook. Among individual stocks, STMicroelectronics and Renault both shed more than 2%, while Thales (-1.9%), Stellantis (-1.5%), and Dassault Systèmes (-1.5%) also posted notable losses. For the week, the index is on track for a decline of more than 1%.

法国国内市场的生产者价格指数在上个月上涨0.6%后，于2025年2月环比下降0.8%。这标志着自2024年9月以来生产者价格首次下降，因为采矿和采石产品以及能源的成本在连续七个月上涨后下降（-2.9%对1月份的0.1%），这是由于电力（-7%对-1.1%）和成品油（-2.9%对8.4%）价格下降。与此同时，制成品成本几乎保持稳定（0.1%对0.8%）。按年度计算，2月份法国住宅市场的生产者价格下跌了1.4%，这是连续第15个月下跌，但与1月份2.2%的跌幅相比有所缓解。

Producer prices in the French domestic market dropped by 0.8% month-over-month in February 2025, following a 0.6% increase in the previous month. This marked the first decline in producer prices since September 2024, as costs decreased for mining and quarrying products and energy (-2.9% vs 0.1% in January) after seven consecutive months of increases, driven by lower prices for electricity (-7% vs -1.1%) and refined petroleum products (-2.9% vs 8.4%). Meanwhile, costs of manufactured products remained nearly stable (0.1% vs. 0.8%). On a yearly basis, producer prices in the French home market fell by 1.4% in February, marking the fifteenth consecutive month of decline but easing from a 2.2% drop in January.

2025年2月，法国家庭消费环比下降0.1%，较上月上调后的0.6%有所放缓，但未达到市场预期的0.3%的增长。工程产品支出反弹（1月份为0.2%对-2.4%），特别是耐用品（0.4%对-3.8%）和纺织服装（0.5%对-2%）。能源支出也有所增加（0.2%对0%）。相比之下，食品消费量下降了（-0.7%对1%）。按年度计算，2月份家庭支出小幅增长0.1%。

Household consumption in France fell by 0.1% month-on-month in February 2025, slowing from an upwardly revised 0.6% decrease in the previous month, although missing market expectations of a 0.3% rise. Spending for engineered goods rebounded (0.2% vs -2.4% in January), particularly durable goods (0.4% vs -3.8%) and textile-clothing items (0.5% vs -2%). Energy expenditures also increased (0.2% vs 0%). In contrast, food consumption dropped (-0.7% vs 1%). On a yearly basis, household spending edged up by 0.1% in February.

据初步估计，2025年3月，法国的年通货膨胀率保持在0.8%不变，处于2021年2月以来的最低水平。受保险成本和食品价格上涨，特别是新鲜产品价格上涨的推动，服务通胀率上升（+2.3%对2月份的+2.2%），但被能源价格下跌（-6.2%对-5.8%）和制成品价格下跌（-0.2%对0%）所抵消。与此同时，烟草价格增长从2月份的4.5%放缓至4.1%。按月计算，消费者价格在上一时期停滞不前后上涨了0.2%，但低于预期的0.4%的涨幅。这一增长主要是由于制成品成本上升，特别是服装和鞋类。与此同时，欧盟统一年通胀率稳定在0.9%，环比上涨0.2%。

The annual inflation rate in France remained unchanged at 0.8% in March 2025, holding at its lowest level since February 2021, according to preliminary estimates. A rise in service inflation (+2.3% vs. +2.2% in February), driven by higher insurance costs and food prices, particularly fresh products, was offset by declining energy prices (-6.2% vs. -5.8%) and, to a lesser extent, manufactured goods (-0.2% vs. 0%). Meanwhile, tobacco price growth eased to 4.1% from 4.5% in February. On a monthly basis, consumer prices rose 0.2% after stagnating in the previous period, but fell short of the expected 0.4% increase. The rise was primarily driven by higher costs of manufactured goods, particularly clothing and footwear. Meanwhile, the EU-harmonized annual inflation rate held steady at 0.9%, while it increased 0.2% month-on-month.