Consumer prices rose by 6.2% in France between November 2021 and November 2022, according to a first estimate published on Wednesday by INSEE. The inflation rate had already reached the same level over one year in October. In November, the rise in food prices accelerated compared to the previous month (+12.2% over one year against 12% in October) while energy prices slowed their progression (18. 5% versus 19.1%).
The prices of fresh produce are soaring
With regard to food, the prices of fresh products have soared by 12.5% since November 2021, after the 17.3% increase recorded in October. A deceleration offset by the renewed inflation observed in other food products (12.1% in November, one point more than in October). The cost of services increased by 3% over one year (3.1% in October) and that of manufactured goods rose by 0.2 points compared to October (4.4% over one year).
Over one month, the consumer price index increased by 0.5%, after a jump of 1.2% between September and October 2022. Benchmark indicator for comparisons between European countries, “the consumer price index harmonized consumption would increase by 7.1% over one year, as in October”, underlines the National Institute of Statistics.
On Tuesday, Germany (10%) and Spain (6.8%) reported a slowdown in their year-on-year inflation rates in November. A first estimate of inflation in the euro zone should be published late Wednesday morning. In October, it reached a record level of 10.6% according to Eurostat.
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