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Inflation preliminary in France hits record 6.5% in June

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Inflation in France accelerated in June from a month earlier to a record 6.5% year-on-year, according to preliminary official figures released on Thursday, adding to obstacles for France’s second-largest economy. euro zone.

Statistics agency INSEE said prices rose 0.8% in June from May, and preliminary 12-month inflation through June stood at 6.5%. Analysts polled by Reuters had forecast a rate of 6.3% on an annual basis.

INSEE said food and energy prices had risen sharply due to the problems caused by the Russian invasion of Ukraine.

President Emmanuel Macron’s government is under pressure due to rising cost of living, while the European Central Bank (ECB) has signaled it will raise interest rates in July and September to try to tackle rising inflation.

The heads of the world‘s top central banks said this week that curbing high inflation around the world will be painful and could even stymie economic growth, but that it still has to be done quickly.

*Reproduction of this content is prohibited.

Translated to english by RJ983

From Brazil, by EBC News

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