France: New rise in inflation to a record 6.5%

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Inflation in France rose further to a record high of 6.5% last month, according to official preliminary data on Thursday, further exacerbating problems in the eurozone’s second-largest economy.

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The statistical service Insee stressed that prices in June had risen by 0.8% compared to May and that on an annual basis inflation stood at 6.5%. Analysts expected inflation at 6.3%.

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The statistical service emphasizes that food and energy prices had risen significantly due to the problems that arose from the Russian invasion of Ukraine.

The government of French President Macron is under pressure as a result of higher living costs, while the European Central Bank has hinted that it will raise interest rates in July and September to try to tackle rising inflation.

Source: Capital

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