French Inflation Gets Stuck at Record High

French Inflation Gets Stuck at Record High

Inflation in France got into a record high in November against expectations. Last month, life in the country was 7.1 percent more expensive according to the European measurement method than in the same month last year, the French statistics office announced.

That is unchanged compared to October.

Economists assumed inflation would turn out slightly lower in the second eurozone economy in November. That was also the case in Germany, Spain and Belgium, and it became known the day before.

On Wednesday, it was also announced that daily life in the eurozone this month has become 10 percent more expensive. This seems that the pace at which consumer prices in the euro area are rising somewhat has decreased compared to a month earlier. For the European Central Bank (ECB), this figure is essential for further policy to curb towering inflation in Europe.

The French report on the depreciation of money showed an acceleration of the price increases for food and goods while the energy costs for households decreased. According to the French measurement method, consumer prices rose in November on an annual basis by 6.2 percent, unchanged compared to October. “But it has not yet reached its peak. Therefore, the inflation pressure will probably increase further in 2023, “write EN economists in a report.

Consumer spending in France fell by 2.8 percent last month, much stronger than expected. It was the strongest decrease every month since April last year. The French mainly cut back on energy costs.

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