Data published by INSEE showed that in November, French producer prices continued to rise - they increased by 3.5% compared to October and by 17.4% per annum. In October, prices increased by 2.9% and 14.9%, respectively. Economists had expected prices to rise by 2.5% compared to October and by 14.4% per annum.
INSEE reported that a faster price increase compared to October was associated with an increase in the cost of energy carriers and industrial goods. In November, prices for mining products, energy and water increased by 11.6% compared with 7.2% in October. Prices for electricity, transmission and distribution services increased by 15.6%, mainly due to the transition to the winter tariff, as well as due to the constant increase in prices on the wholesale market.
Meanwhile, the cost of "other industrial goods" increased by 1.0% compared to October, mainly due to the increase in the price of chemicals and chemical products (+4,6%), basic metals (+1.0%) and paper and paper products (+ 1.6%).
The data also showed that the growth of prices on food and drinks accelerated to 0.8% from 0.3% in October, mainly due to rising prices for processed and preserved meat (+2.3%) and prepared animal fodder (+2,4%).