Sat. Jun 15th, 2024

Surging energy costs have pushed consumer prices higher, state stats agency says

Consumer prices in France have reached their highest rate in over three decades, data from the state statistics agency INSEE showed on Wednesday.

According to the report, inflation in the country increased by 0.9% in June from the month before, driving annual inflation to 6.5%, its highest level since 1991. The figures marked the second consecutive record month for inflation since France began using the EU’s calculation methods in the early 1990s.

The country’s national consumer price index was also up at 5.8% year-on-year from 5.2% in May.

INSEE indicated that inflation was mainly driven by surging energy prices, which have increased 33.1% in annual terms. Data also showed that the cost of services rose by 3.3% year-on-year.

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