France Sees Highest Rate Of Inflation Since March 2012
The French EU-harmonised inflation rate in July reached its highest level since March 2012, coming in at 2.6%, according to data from the INSEE national statistics office, which confirmed earlier forecasts.
The July inflation was in line with an earlier flash estimate that had given the same level..
Higher energy costs have contributed to a pick-up in inflation across the euro zone, INSEE said.
The European Central Bank (ECB), which has set a target of inflation of just below 2%, has adopted a relatively cautious approach regarding a gradual winding down of its monetary stimulus program.
Seasonally-adjusted consumer prices rose 0.3% in July, after stability in June, INSEE said.
Food Price Inflation
In July, food prices rose by 1.9% compared to the previous month, INSEE said, with the price of fresh produce rising by 6.4% compared to the same period last year, due to a sharper rise in fresh vegetables (10.1% year on year) and fresh seafood (3.1% year on year).
If fresh products are excluded, food prices rose by 1.2% year-on-year.