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Lower energy & food prices drive inflation down in France

France’s COVID-19 deaths top 29,000. Image Source: IANS News

Paris, July 29 : The year-on-year consumer price index (CPI) in France was 4.3 per cent in July, thus continuing a slow but steady downward trend in inflation, according to a preliminary report released by the National Institute of Statistics and Economic Studies (INSEE).

In June, the year-on-year CPI stood at 4.5 per cent, making it the first time that the country’s inflation stayed below the 5 per cent benchmark since April 2022, reports Xinhua news agency.

The INSEE contributes the downward trend in inflation to lower energy prices and a slower increase in the prices of food products (for the fourth consecutive month) and of manufactured goods.

The Institute estimates that energy prices in France decreased about 3.8 percent in July, following a 3 per cent decrease in June.

In the case of food products, the price hikes should continue to slow down and reach 12.6 per cent in July, it said.

While energy prices in France have been decreasing, the French government announced earlier this week that the regulated electricity price will increase by 10 per cent from August 1, for both households and small businesses.

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