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France Inflation Soars to New Highs

The French statistics office (INSEE) has published inflation data for May, which rose more than expected and reached a record level. This has put President Emmanuel Macron under pressure ahead of the parliamentary elections in June.

According to INSEE, the consumer price index (CPI) rose 0.7% in May, bringing 12-month inflation to 5.8% from 5.4% in April.

France has managed to keep its inflation rate lower than any other EU country except Malta. This is mainly due to the control of oil and electricity prices.

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