France: inflation rebounded to 4.8% over one year in August according to INSEE
The consumer price index increased by 4.8% over one year in August, a clear rebound compared to July when inflation stood at 4.3%, according to a first estimate revealed Thursday by the ‘Insee.
The acceleration in the price rise observed in August – the first since April – is explained by “the rebound in energy prices” with in particular the 10% increase in the regulated electricity tariff in August 1, details the National Institute of Statistics and Economic Studies.
Energy inflation thus stood at 6.8% year-on-year in August, after a drop in prices of 3.7% in July.
The main drivers of inflation in recent months, food prices jumped 11.1% year-on-year, a slower rise than in July (12.7%).
While the government is meeting with distributors and their suppliers this week to convince them to extend price cuts to a greater number of items, INSEE notes that fresh products have increased in price by 9.1% over one year. in August (compared to 10.6% in July). Other food products cost 11.5% more than in August 2022 (+13% year-on-year in July).
For manufactured products (+3.1% over one year) and services (+2.9%), the price increase continued in August at a slower pace than in July.
Tobacco rose in price by 9.9% over one year, after 9.8% in July.
A reference indicator for comparisons between European countries, the harmonized consumer price index (HICP) increased by 5.7% year-on-year in August (5.1% in July).
INSEE is due to publish a second estimate of inflation in August in mid-September.
This article is originally published on lepoint.fr
