Inflation in France has peaked, but is expected to stay at a high level for several more months before progressively decreasing, according to the country’s Finance Minister Bruno Le Maire. The rate reached 5.2% in May, 2022.
By end-2023, we should see a progressive decline of inflation. We could have an inflation around 2% towards end-2023, Le Maire told France Inter radio on Wednesday, adding that he did not foresee a recession.
The current forecast suggests the economy will grow by 4% in 2022, he said, adding that the French government will present revised economic growth forecasts by early July, 2022. Inflation in the Euro-zone in May is projected to hit 8.1% versus 7.4% recorded in April.
The country’s economy saw an unexpected decline in the first quarter of the current year as consumers struggled to cope with soaring inflation that reached a record-high of 5.2% over 12 months in May, data released this week showed.
If the monetary policy does not change, we will not bring down inflation to a more reasonable level of around 2%, Le Maire said, stressing that it was the responsibility of the European Central Bank to take progressive action to bring down inflation.
RT. com / ABC Flash Point News 2022.