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Financial News: France Inflation Accelerates More Than Forecast

France Inflation Accelerates More Than Forecast

07/29/2022 - 03:51:00 (RTTNews)

(RTTNews) - France's consumer price inflation accelerated more-than-expected in July to a new record high amid higher energy and food prices, preliminary data from the statistical office Insee showed on Friday.

Consumer prices climbed 6.1 percent year-over-year in July, faster than the 5.8 percent rise in June. That was just above the 6.0 percent increase expected by economists.

The upward trend in inflation was largely driven by a 28.7 percent surge in energy costs. This was followed by a 6.7 percent gain in food prices.

The rise in service costs linked to the summer period was also a reason behind the overall price growth in July.

On a monthly basis, consumer prices went up 0.3 percent in July, after a 0.7 percent increase in the prior month, in line with expectations.

EU harmonized inflation also rose to a fresh record high of 6.8 percent in July from 6.5 percent in June. The expected rate was 6.7 percent.

The latest inflation was the highest since records began in 1997.

Month-on-month, the HICP increased 0.3 percent from June, when it grew 0.9 percent. That was also in line with economists' forecasts.

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