French consumer prices rose by 6.2% between November 2021 and November 2022, according to the first estimate released this Wednesday by INSEE. The inflation rate already reached the same level for the year in October.
In November, food price growth accelerated compared to the previous month (+12.2% yoy vs. 12% in October), while energy prices slowed down (18.5% vs. 19.1%).
Rise in food prices
In terms of food, fresh food prices have risen 12.5% since November 2021, after rising 17.3% in October. The slowdown is offset by renewed inflation in other food products (12.1% in November, one point more than in October).
The cost of services increased by 3% over the year (3.1% in October), while the cost of industrial goods increased by 0.2 points compared to October (4.4% for the year). For the month, the CPI rose 0.5% after jumping 1.2% between September and October 2022.
The benchmark for comparison between European countries, “the harmonized consumer price index will rise by 7.1% year-on-year, as in October,” emphasizes the National Institute of Statistics. Germany (10%) and Spain (6.8%) reported on Tuesday a one-year slowdown in November.
The first inflation estimate for the euro area is due out late Wednesday morning. According to Eurostat, in October it reached a record high of 10.6%.
Source: Le Parisien
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