Record inflation continued to rack the French economy in November, beating economist expectations, according to new numbers reported on Wednesday by the National Institute of Statistics and Economic Research (Insee).
Preliminary estimates indicated that consumer prices rose 7.1% compared to over a year earlier, which matched the previous month’s increase. Bloomberg analysts had estimated there would be a 7% rise when surveyed.
The report also indicated that food prices (excluding fresh produce), manufactured goods prices, and costs of services all accelerated in November. Services were up 3% for the year, down slightly from October’s 3.1% rise.
Insee noted, “Despite the decline of fuel rebates, the price of energy should slow down slightly in November, notably linked with the least dynamism of the petroleum product prices.”
Last month, Bruno Le Maire, the French Finance Minister, said that the government’s highest priority was to tackle inflation and lower energy prices for consumers.
The report comes on the heels of softer inflation reports in Germany , Spain, and Belgium, which came out Tuesday. Christine Lagarde, the President of the European Central Bank (ECB), said this week that she would be surprised if Eurozone inflation had peaked however, because there was “too much uncertainty” to predict if the record 10.6% year over year inflation seen in October would have any reason to fall in the coming months, especially as winter takes hold and energy prices continue to climb on increased demand.