Inflation in France at its lowest level in a year

Inflation in France fell to its lowest level in a year due to falling prices for energy, food and services.

The National Institute of Statistics and Economic Research of France (INSEE) has published the main data for May on price increases.

Consequently, annual inflation, which was 5.9 percent in April, fell to 5.1 percent in May, falling to the lowest level since May 2022.

0.1 PERCENT MONTHLY DECREASE

The EU-compliant CPI, on the other hand, declined 0.1 percent on a month in May and declined from 6.9 percent to 6 percent on a yearly basis.

It should be noted that energy prices in the country increased 2 percent annually, while said rate was registered at 14.1 percent in food prices. In April, energy prices rose 6.8 percent and food prices rose 15.9 percent year-on-year.

Services inflation, on the other hand, decreased from 3.2 percent to 3 percent in May.

The EU Commission estimates that inflation in France, which averaged 5.9 percent last year, will average 5.5 percent in 2023.

Meanwhile, according to final data released today, the country’s economy grew 0.2 percent in the first quarter. (AA)