France: inflation reached 6.2 % over a year in October, an unprecedented level since 1985

The increase in consumer prices is due to the acceleration of energy prices, food and manufactured products, according to provisional data published Friday by INSEE.

Le Monde

The increase in consumer prices in France again accelerated in October, at 6.2 % over one year, after two months of slowdown, according to provisional data published Friday October 28 by INSEE. This inflation rebound would be due to the acceleration of energy prices, food and manufactured products, specifies the National Institute of Statistics and Economic Studies in a press release .

We must go back to June 1985, month in which a price increase of 6.4 % over a year had been recorded, to find a level of inflation higher than this first estimate. In July, inflation had already reached 6.1 %over a year, before slowing down in August (5.9 %) and September (5.6 %).

The rise in food products, to which the most modest households devote a larger share of their income, is particularly strong in October, at 11.8 % over a year and even 16.9 % for fresh products. Energy prices, for their part, increased by 19.2 % against 17.9 % in September, despite the extension of the pump rebound by the government. Manufactured products recorded an increase of 4.2 %while the prices of services (3.2 %) and tobacco (0.3 %) increased at the same pace as the previous month.

Over one month, consumer prices would increase by 1.0 %, after -0.6 % in September. Still over a month, energy prices would rebound in the wake of petroleum products prices. Those of the services would be stable while food prices accelerate and those of manufactured products would slow down slightly.

Over one year, the harmonized consumer price index (IPCH), which serves as a comparison basis at European level, would increase by 7.1 %, after an increase of 6.2 % in September. Over a month, it would rebound 1.3 %, after -0.5 % the previous month.

In its conjuncture note in early October, INSEE had indicated to expect a slight slowdown in inflation in October before a rebound in November and December with the end of the delivery to the fuel pump. The resumption of acceleration was finally faster according to the first estimate. A final estimate must be published in mid-November by INSEE.

/Media reports.