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Financial News: French Inflation Hits Record High As Estimated

French Inflation Hits Record High As Estimated

11/15/2022 - 03:50:00 (RTTNews)

(RTTNews) - French consumer price inflation accelerated to a new record high in October, as initially estimated, latest data from the statistical office Insee showed on Tuesday.

Consumer price inflation rose to 6.2 percent in October from 5.6 percent in September. That was in line with flash data published on October 28.

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.

Energy prices alone grew 19.1 percent annually in October, faster than the 17.9 percent spike in the previous month.

Food prices were 12.0 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. The figure also matched flash data.

On a monthly basis, the harmonized index of consumer prices, or HICP, bounced back 1.2 percent from September, when they fell by 0.5 percent.

Similarly, the consumer price index rose 1.0 percent in October versus a 0.6 percent drop in the prior month, as estimated.

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