By Joshua Kirby
Consumer prices in France ticked higher in August, reversing months of easing inflation, as energy prices rebounded against lower tariffs put in place a year ago.
The country’s consumer price index rose 4.8% on year in August, measured by national standards, climbing from a 4.3% rise in July, according to preliminary data released Thursday by the country’s statistics office Insee. This was in line with economists’ forecasts, according to a poll compiled by FactSet, and marks the first time since April that inflation has quickened from the previous month.
The uptick in inflation was due to higher energy prices, following last year’s implementation of tariffs in the face of soaring costs, Insee said. High fuel costs also contributed, the agency said.
Food prices, a hot-button topic in France as the government publicly pressures producers and grocers to tackle the rising cost of shopping baskets, eased again in August to 11.1% from 12.7% the previous month.
By European Union-harmonized standards, French inflation rose to 5.7% compared with 5.1% in July, taking it even further above the European Central Bank’s target of 2%.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
This article was originally published by Marketwatch.com. Read the original article here.
