After the sharp decline in September, household consumption, driven by food and energy expenditure as winter approaches, is "strongly" on the rise.
According to INSEE, French spending even exceeded their October 2019 level by 2.7%. The reopening of all shops from Saturday before the end of the year holidays should help support this movement, even if the morale of the French is at its lowest.
Household consumption prices are on the rise again (+ 0.2% after - 0.3%).
At the same time, consumer prices in France rose 0.2% over one year in November, driven up by food products and services, according to a provisional estimate from INSEE.
Over one year, food prices increased by 2%, driven by the jump in fresh products which rose by 10.6%, while those of services gained 0.7% and tobacco prices 12.5% .
Compared with October, "the prices of services would rebound after a drop in October and those of food would increase at a more sustained rate than last month", underlines INSEE.
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In this context, the institute revised upwards its estimate of the rebound of the French economy in the third quarter.
Gross domestic product (GDP) shows an increase of + 18.7%, against + 18.2% previously estimated.
However, it remains "3.9% lower than its level in the third quarter of 2019," says INSEE.
