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Inflation in France expected to reach 6.8% by end of 2022
France is, however, faring better than some of its neighbours thanks to measures such as the energy bill price cap
The rate of inflation is expected to reach 6.8% over a year in France by the autumn, according to a new prediction by national statistics institute Insee.
Inflation was already at 5.2% over a year in May, a record since 1985.
However, it is set to continue rising over the summer to 6.8% in the autumn, giving an average rate of 5.5% for the year as a whole. In 2021, the rate was 1.6%.
France’s inflation rate is not as high as that of some of its neighbouring countries. Insee’s estimation suggests that prices would have risen faster were it not for certain measures taken by the government, including the 18-cent-per-litre fuel discount and the bouclier tarifaire price freeze on energy tariffs.
Read more: France extends energy price cap measure to the end of 2022
In Spain and Germany, inflation is at 8%, while it was at 9.1% over a year in the UK in May.
The widespread rise in prices is partly down to the war in Ukraine but also to China’s ‘zero Covid’ strategy, which is slowing down the country’s production and having a knock-on effect on global supply chains.
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