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31 Oct, 2022 10:04

French consumer prices soaring

Inflation in the EU’s second largest economy accelerated to 6.2% in October, data shows
French consumer prices soaring

Consumer price inflation in France accelerated to new highs in October, data from the National Institute of Statistics and Economic Research (Insee) showed on Friday.

According to preliminary estimates, year-on-year price growth in the country hit 6.2%, exceeding July's high of 6.1%.

The rate had previously slowed in August and September after hitting the highest level since 1985 in July. Nevertheless, France’s inflation remains one of the lowest in Europe.

The agency noted that the more rapid inflation was prompted largely by the rising cost of fuel, food and raw materials, as well as increasing production costs.

Energy prices showed the sharpest growth, of almost 20%, despite government interventions. Food costs grew by 12%.

Insee predicts a further spike in prices in December, with inflation forecast to hit 6.6%. The agency is due to publish its final October inflation reading in mid-November.

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