The rise in consumer prices in France accelerated again in July to reach 6.1% over one year, against 5.8% in June, according to a first provisional estimate published by INSEE on Friday.

This is the highest figure since July 1985, indicates the institute of statistics.

A spike in energy prices

Inflation was driven by the increase in the prices of services, which rose by 3.9% in July compared to the same period in 2021, as well as by food, which increased by 6.7% over one year against 5.8% in June.

Despite still strong growth over one year, energy prices have on the other hand decelerated, indicates INSEE, due to a decline in the price of petroleum products: the increase is 28.7% in July compared to July 2021, compared to 33.1% the previous month.

Energy prices have soared in recent months mainly due to Russia's invasion of Ukraine, which has sent fever to global markets.

Over one month, consumer prices rose by 0.3%, after +0.7% in June.

The harmonized consumer price index, which serves as the basis for European comparisons, increased by 6.8% over one year after 6.5% in June.

Economy

Growth: With 0.5%, GDP rebounded stronger than expected in the 2nd quarter, according to INSEE

Economy

Inflation: The ECB raises its interest rates for the first time in more than ten years

  • Economy

  • Inflation

  • Growth

  • Company

  • GDP