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CAC 40 Slides As Inflation Increases Again
(RTTNews) - French stocks were moving lower on Friday after official data showed France's economy expanded moderately in the first quarter on robust foreign demand.
Gross domestic product expanded 0.2 percent from the preceding quarter, according to the first estimate released by the statistical office Insee.
The growth rate matched economists' expectations and followed a nil growth in the fourth quarter of 2022.
French household spending decreased 1.3 percent month-on-month in March, while consumer price inflation climbed 5.9 percent year-over-year in April, following a 5.7 percent rise in February, separate reports revealed.
EU harmonized inflation climbed to 6.9 percent in April from 6.7 percent in the prior month. Economists were looking for an increase of 6.6 percent.
The benchmark CAC 40 was down 72 points, or 1 percent, at 7,411 after closing 0.2 percent higher the previous day.
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