Oil at its highest, record inflation, declining activity… An explosive cocktail of bad news darkens the economic landscape.
France's GDP fell by 0.2% in the first quarter, according to a downwardly revised estimate (against 0% initially expected) from INSEE.
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At the same time, inflation reached its highest level in thirty-seven years in May: 5.2%, according to INSEE (and 5.8% according to the harmonized Eurostat index).
"The French economy is in recession while inflation has not yet reached its peak,"
summarizes Charlotte de Montpellier, economist at ING.
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Yet, thanks in part to government intervention, France is not doing so badly compared to its neighbours.
Its inflation rate is the lowest in the euro zone, after that of Malta.
On average in the countries with the single currency, price increases rose to a historic high of 8.1% in May (after 7.4% in April).
In continuous progression since November 2020, inflation now exceeds the threshold…
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