France consumer spending rose sharply by 10.4% mom in May, above expectation of 8.9% mom, more than enough to reverse -8.7% mom decline in April on return to lockdown. The rebound was mainly driven by manufactured goods purchases (+26.0%), with the reopening of all stores on May 19, and to a lesser extent by spending on energy (+2.6% after a stability), with the end of travel restrictions in early May. Food consumption was stable. Spending in May was at a level near to the average of Q4 2019, just down -0.3%.
Also released, CPI came in at 0.2% mom, 1.9% yoy in June, versus expectation of 0.2% mom, 1.8% yoy.
