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Inflation in France went up in November to the quickest pace in more than a decade as surging energy and manufactured goods prices offset a fall in fresh food costs.
After Germany recorded a 6% increase in prices in the same period, the inflation data for the euro area s second largest economy adds to concerns over the European Central Bank's insistence that the spike in costs for consumers and businesses will be temporary. While France's rate was lower at 3.4%, it was above economist expectations and the biggest year-on-year increase since 2008. The euro-area reading is due later on Tuesday.
The French government has already moved to support households by capping energy prices and handing out checks to more than 38 million people. French officials are urging the ECB not to react to inflation by tightening policy with the recovery from the Covid epidemic still in early stages.
Finance Minister Bruno Le Maire said on the radio Notre Dame that this inflation is linked to strong demand, and is linked to a recovery that is much stronger than anticipated. If inflation is extremely high, we need to react immediately, because growth is going to damage policy, and that is why we need to react immediately. We have to limit monetary policy. Consumer spending fell unexpectedly in October, adding to concerns about how households will respond to stronger inflation, according to a separate data release on Tuesday. The overall spending fell by 0.4% month on month, with a 1.8% decline in outlays for manufactured goods.
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