France: inflation accelerates to 6.1% year on year in July

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.

Inflation was driven by the increase in the prices of services, which increased by 3.9% in July compared to the same period in 2021, as well as by food which saw an increase of 6.7% on 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 a fever to world markets.

Alexandra Taylor

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