Shopper costs jumped 5.8 % in comparison with the identical month final yr, with power hovering 33.1 % and meals rising 5.7 %, statistics company Insee mentioned in its preliminary launch.
Worth progress was 6.5 % when measured utilizing the Harmonised Index of Shopper Costs — the popular yardstick of the European Central Financial institution, tasked with checking inflation within the 19-nation eurozone.
Regardless of the rise, “this information might be one of many first indications that we’re approaching peak inflation” in France, ING analyst Charlotte de Montpellier mentioned.
She added that value progress ought to start slowing by the top of 2022 as power costs stabilise and the financial system slows from its sharp Covid-19 rebound.
However a politically divided parliament could battle to take care of assist to households that has saved inflation milder than in different European nations.
Throughout the foreign money bloc, client costs rose 8.1 % in Could, far increased than the ECB’s goal of two %.
Inflation has spiked since Russia’s February 24 invasion of Ukraine, which has drawn unprecedented Western sanctions — together with on a few of its power exports — and blocked provides of Ukrainian grain from reaching world markets.
Whereas world leaders scramble to unblock meals shipments and discover various power sources, central banks should pursue their inflation-fighting mandates with little sense of when the worth pressures would possibly finish.
Managing the cash provide at current “shouldn’t be a science”, ECB chief Christine Lagarde advised a central banking convention in Portugal on Wednesday. “What we’re doing there is a component of artwork”.