France's July CPI stable at 1 pct: INSEE
INSEE explained that the stability in inflation reflected a sharper drop in energy prices, which offset the continued rise in the cost of services and food.
Energy prices fell 7.2 percent year-on-year in July, driven mainly by a steep decline in gas prices. "Petroleum product prices fell at a slower pace than in the previous month, particularly for diesel and liquid fuels. In contrast, petrol prices dropped more sharply than in June," INSEE noted.
With many French consumers preparing for summer holidays, service prices, including transport, rose 3.7 percent year-on-year in July.
Food prices increased 1.6 percent year-on-year, marking their seventh consecutive month of acceleration, according to the institute.
During the Governing Council meeting of the European Central Bank held in late July, Francois Villeroy de Galhau, governor of the Banque de France, said inflation remained under control in both France and Europe.
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