Surprise French inflation drop adds to signs Europe prices are cooling

Inflation in France unexpectedly dropped well below 7% in December from a record high a month earlier, data showed on Wednesday, the latest sign that slowing energy price rises are helping Europe overcome the worst of the inflation crisis.

after the new data, on the prospect that Europe's inflation crisis may be subsiding.

Energy price increases were the lowest since September 2021, rising 15.1% compared with 18.4% in November as wholesale gas prices fell across Europe in recent weeks amid record high temperatures. In the short term, energy prices are likely to add to inflation pressures in January as regulated gas and power prices rose by 15% at the start of the year.

While France has kept inflation lower than most other EU countries thanks to limited increases in regulated gas and power prices, the hit to consumers' purchasing power is nonetheless eroding household confidence.

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