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.

法国和西班牙通胀是未来一个交易日的焦点。到目前为止，美元在当天保持稳定，主要货币中的对立面落后。欧元/美元仍徘徊在1.0800以下，期权到期时间较长，而澳元/美元下跌0.3%，至0.6285，月末因素也备受关注。

French and Spanish inflation in focus in the session ahead.The dollar is keeping steadier so far on the day, with the antipodes lagging among the major currencies. EUR/USD is still hugging levels under 1.0800 with large option expiries in play while AUD/USD is seen down 0.3% to 0.6285 with month-end considerations in focus as well.