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Financial News: French Inflation Accelerates More Than Expected

French Inflation Accelerates More Than Expected

10/29/2021 - 04:58:00 (RTTNews)

(RTTNews) - France's consumer price inflation accelerated more than expected in October, preliminary data from the statistical office INSEE showed Friday.

The consumer price index rose 2.6 percent year-on-year following a 2.2 percent increase in September. Economists had forecast inflation of 2.5 percent. INSEE attributed the acceleration to higher service and energy prices. Tobacco prices rose, while those of food and manufactured goods slowed. Compared to the previous month, the CPI rose 0.4 percent after a 0.2 percent fall in September. Economists had forecast a 0.3 percent increase. Energy prices were driven sharply due to the petroleum product prices and natural and town gas prices, the agency said. Prices of services and tobacco were unchanged, while food prices continued to fall.

The harmonized index of consumer prices, or HICP, climbed 3.2 percent annually in October after a 2.7 percent increase in September. Economists had forecast 3.1 percent inflation. On a month-on-month basis, the EU measure of inflation rose 0.5 percent in October following a 0.2 percent fall in the previous month. Economists had forecast a 0.3 percent increase.

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