News
James B. Bell
- August 31, 2023
Consumer prices in France rose in August, bringing an end to several months of easing inflation. The country's consumer price index, measured by national standards, increased by 4.8% compared to the previous year. This marks a slight uptick from the 4.3% rise seen in July. The preliminary data, released by France's statistics office Insee on Thursday, aligns with economists' forecasts.
Energy Prices Drive Inflation
The rise in inflation can be attributed to higher energy prices, which rebounded after the implementation of lower tariffs last year. Insee noted that high fuel costs also played a role in driving up inflation in August.
Food Prices Ease
Despite concerns surrounding the rising cost of groceries, food prices in France saw a slight decrease in August. The rate of increase dropped from 12.7% in the previous month to 11.1%.
European Union-Harmonized Inflation
When measured by European Union-harmonized standards, French inflation surged to 5.7%, surpassing the 5.1% recorded in July. This increase places France well above the European Central Bank's target inflation rate of 2%.
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