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Financial News: French Inflation Hits New Record High; PPI Inflation

French Inflation Hits New Record High; PPI Inflation Eases

10/28/2022 - 04:16:00 (RTTNews)

(RTTNews) - French consumer price inflation accelerated at a faster-than-expected pace to a new record high in October amid higher costs of energy, food, and manufactured goods, flash data from the statistical office Insee showed on Friday.

Separate official data showed that producer price inflation eased in September, though it remained high overall. 

Consumer price inflation rose to 6.2 percent in October from 5.6 percent in September. Meanwhile, economists had forecast inflation to increase slightly to 5.7 percent.

Further, this was the strongest inflation since 1985.

The Bank of France expects inflation to come in at 5.8 percent on average this year and in a range between 4.2 percent and 6.9 percent in 2023.

In an effort to control price growth across the 19-nation eurozone, the Frankfurt-based ECB announced a 0.75 percent rate hike on Thursday.

Energy prices alone grew 19.2 percent annually in October, faster than the 17.9 percent spike in the previous month.

Food prices were 11.8 percent more expensive compared to last year, and prices for manufactured products climbed 4.2 percent.

EU harmonized inflation quickened to 7.1 percent in October from 6.2 percent in September. That was above the 6.4 percent rise expected by economists.

On a monthly basis, the harmonized index of consumer prices, or HICP, bounced back 1.3 percent from September, when they fell by 0.5 percent. The expected increase was 0.6 percent.

Similarly, the consumer price index rose 1.0 percent in October versus a 0.6 percent drop in the prior month, and an expected rise of 0.5 percent.

In a separate report, the statistical office revealed that industrial producer price inflation in the home market eased to 25.8 percent in September from 27.8 percent in August.

Producer prices in the foreign market grew 19.2 percent annually in September and total producer prices surged 25.8 percent.

Month-on-month, producer prices moved up 0.2 percent in September, after rising 2.4 in the preceding month.

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