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French inflation rises, backing EU rate increase
Inflation in France accelerated unexpectedly in July, with consumer price growth reaching 2.4% instead of the anticipated 2%. The escalation of conflicts in the Middle East and heatwaves contributed to the rising inflation, with energy prices increasing by 12.4% and inflation in the services sector rising to 2.3%. These figures reinforce the European Central Bank’s forecast to raise interest rates by 25 basis points in September, while French officials have expressed concerns over the growing public debt and government deficit, which could reach 7% of GDP by 2030 if corrective measures are not taken.
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