Stock Groups

French inflation hits 13-year high in November -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: A crowd walks along a Paris street, France, June 17th, 2021. REUTERS/Gonzalo Fuentes/File Photo

PARIS (Reuters–French inflation unexpectedly rose in November, hitting its highest point in thirteen years. This was according to preliminary estimates from the INSEE statistics agency, which used EU-harmonised data on Tuesday.

The consumer price index rose 0.4% last month. It gave rise to a inflation rate of 3.4% for the 12-month, the highest recorded since September 2008 according to INSEE.

The results slightly outperformed a Reuters poll of 17 economists, which forecasted that inflation would remain stable at 3.2%.

The November rise was driven almost entirely by rising energy prices. They were up 21.6% in one year, following a larger global trend.

Separately, INSEE reported consumer spending falling 0.4% from September to October due to a 1.8% decrease in manufacturing goods spending. Economists expected that spending would remain constant on average.

INSEE stated that the consumer spending fell 1.8% from pre-crisis levels at the close of 2019.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]