French inflation rises to 7% in January as energy costs climb

French inflation rose in January, driven by higher energy prices after government support measures were withdrawn, according to preliminary figures released on Tuesday.

Consumer prices rose 0.4% from December, which saw annual inflation hit 7% from 6.7% the previous month. The figures were in line with economists' expectations and after the government phased out a subsidy for car fuel at the end of the year.

Meanwhile, regulated gas prices set by the government rose 15% at the start of 2023. Regulated power prices are also set to rise by the same amount from Wednesday.

Reporting by Frank Prenesti for Sharecast.com