Inflation in France rose to 3.4% year-on-year in October, reaching its highest level since January 2024. Inflation stood at 3.1% in September and 2.4% in August, with the increase driven mainly by higher energy prices and the rising cost of some food products. This was stated in a preliminary estimate published by the French National Institute of Statistics and Economic Studies (INSEE).
According to the institute, prices of energy products, primarily gas and petroleum products, increased by 24.1% year-on-year in October, compared with 21.3% in September. As a result, energy price growth accelerated for the fourth consecutive month. Prices also increased in the services sector, rising by 2.7% in October, compared with 2.4% in September.
Housing and transport services recorded particularly notable increases. Meanwhile, food price inflation eased slightly, declining from 1.4% in September to 1.2% in October. The price increase for fresh food products slowed from 9.5% to 8%.
Prices of manufactured industrial goods continued to fall, although the pace of decline slowed. They decreased by 0.2% in October, compared with a 0.3% decline in September. On a monthly basis, consumer prices rose by 0.4% in October, following a 0.3% decrease in September.
This increase was also mainly driven by higher energy prices. The Harmonised Index of Consumer Prices (HICP), which allows comparisons between European Union member states, increased by 3.8% year-on-year in October, up from 3.4% in September. On a monthly basis, the index rose by 0.4%, following a 0.3% decline in the previous month.
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