France’s annual inflation rate hit 6.1 percent in July 2022, rising further from 5.8 percent in June, the highest since July 1985, the National Institute for Statistics and Economics (Insee) said.
France’s inflation rate has continued to soar in recent months, according to Agence France-Presse. Energy prices continued to weigh on the inflation picture, but not as much as in previous months, INSE said, rising 33.1 percent in June from a year earlier, compared with 28.5 percent in July.
On the other hand, price increases for services, food and manufactured goods are accelerating in France, with services prices rising 3.3 per cent year-on-year in June and 3.9 per cent year-on-year in July; Food prices rose 5.8 per cent in June from a year earlier, after rising 6.8 per cent in July.
In terms of one-month price trends, French consumer prices rose 0.3% month-on-month in July, down from 0.7% in June, confirming a slight moderation in the trend of rising inflation. France’s consumer price index, the basis for euro zone comparisons, rose 6.8% in July.
The prolonged drought across Europe has reduced hydropower production by 20 percent
,
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