Paris, August 14 (FFN) — The growth of consumer prices in France saw a slight acceleration in July 2024, according to the latest revised data from the French statistical office, INSEE. These figures confirm the preliminary estimates released earlier, as reported by RTTNews.
The year-on-year increase in consumer prices in the Eurozone’s second-largest economy rose to 2.3% in July, up from 2.2% in the previous month. This uptick in inflation was primarily driven by a significant acceleration in energy prices, which surged by 8.5% in July, compared to a 4.8% increase in June. The rise in energy costs was largely due to higher gas prices.
Conversely, the annual growth rate of food prices slowed, easing to 0.5% in July from 0.8% in June. The price growth in services also moderated, with a rise of 2.6% in July, down from 2.9% in the prior month.
On a month-to-month basis, consumer prices in France increased by 0.2% in July, following a 0.1% rise in June. The Harmonized Index of Consumer Prices (HICP), which is the standard measure of inflation used across the European Union, showed that France’s inflation rate climbed to 2.7% in July from 2.6% in June, with a monthly increase of 0.2%, up from the 0.1% rise observed in the previous month.
These figures reflect a nuanced economic environment in France, where rising energy costs are being partially offset by slower growth in other sectors, such as food and services. The slight uptick in inflation highlights ongoing challenges in maintaining price stability amidst fluctuating global energy markets.
Key Figures for July 2024:
| Category | July 2024 | June 2024 |
|---|---|---|
| Annual Inflation Rate | 2.3% | 2.2% |
| Energy Prices (YoY) | 8.5% | 4.8% |
| Food Prices (YoY) | 0.5% | 0.8% |
| Services Prices (YoY) | 2.6% | 2.9% |
| Monthly Inflation Rate | 0.2% | 0.1% |
| HICP (Annual) | 2.7% | 2.6% |
| HICP (Monthly) | 0.2% | 0.1% |
