Consumer prices in France in June 2022, calculated according to French standards, increased by 5.8% in annualized terms after an increase of 5.2% in May, according to preliminary data from the National Statistics Office Insee. Relative to the previous month, prices increased by 0.7%.

The acceleration of inflation is due to the strengthening of the growth of energy and food prices, Insee notes.

Food prices in France in June increased by 5.7% year-on-year (in May – an increase of 4.3%), with fresh products became more expensive by 6.2%. Energy prices rose 33.1% after rising 27.8% in May. Prices for manufactured goods rose 2.6% after rising 3% a month earlier. Services became more expensive by 3.2%. Prices for tobacco products fell 0.1%.

Consumer prices in France, harmonized with European Union standards, rose at an annualized rate of 6.5% in June. This is a record rate of rise for the time the indicator has been calculated.

The final inflation data for April will be released on July 13.

Meanwhile, consumer spending in France rose 0.7% in May from the previous month, when it fell 0.7%. Economists surveyed by Bloomberg had expected growth of just 0.2%. In annualized terms, spending fell 3.4%.

French spending on food rose 0.1% after falling 1.2% a month earlier. Spending on clothing and other textiles soared 15.1% after falling 3.7% a month earlier. Spending on durable goods was unchanged after declining 1% in April.

Electricity costs fell by 2.6% month-on-month after rising by 1.9% in April.