French consumer spending declined for the second straight month in January, defying economists’ expectations for an increase, figures from the statistical office INSEE showed Wednesday.
Consumer spending fell 1.9 percent month-over-month in January, faster than the 1.2 percent drop in December. Meanwhile, economists had forecast a 0.4 percent rebound for the month.
The decline in January was mainly due to a notable drop in energy consumption by 7.6 percent.
Expenditure on food products decreased 0.6 percent over the month and those for engineered goods slid by 0.8 percent.
On a yearly basis, consumer spending also decreased 1.9 percent in January, while it was expected to increase by 1.1 percent.
Source: RTT News