French Inflation Rises to 0.8 % in June as Service Costs Accelerate

French consumer prices rose more than expected in June, ending a streak of declining inflation as service costs accelerated and energy price falls moderated, preliminary data from statistics agency INSEE showed on Friday.

France's harmonised inflation rate, adjusted for comparison with other euro zone countries, was 0.8% year-on-year in June, up from 0.6% in May, which was the lowest since December 2020.

A Reuters poll of 19 analysts had on average expected a rate of 0.7%, with estimates ranging from 0.4% to 0.8%.

The uptick was driven by an acceleration in service prices, which rose 2.4% on the year in June, up from 2.1% in May. INSEE attributed this to faster growth in accommodation, health and transport costs.

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