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France household consumption dropped -8.3% mom in Apr

France household consumption expenditure dropped -8.3% mom in April. The decline was mainly due to manufactured goods purchases (–18.9%), during the third lockdown. Energy expenditure dropped slightly by -0.6%. Food consumption dropped -0.2%. Spending was -9.5% below its average level in Q4, 2019.

Also released, CPI came in at 0.3% mom, 1.8% yoy in May, matched expectations. GDP dropped slightly by -0.1% qoq in Q1. It stood -4.7% below prepandemic level in Q4 2019.

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