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(Bloomberg) — French inflation slowed further below the European Central Bank’s target in October as energy costs dropped and food-price increases eased.
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The reading for the euro area’s second-largest economy came in at an annual 0.9% following September’s 1.1%, statistics agency Insee said Friday. That matched the expectations of economists in a Bloomberg survey.
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While inflation has fallen short of the ECB’s 2% goal for more than a year, it’s much closer in the rest of the euro area. Germany reported a rate of 2.3% on Thursday and data later Friday are expected to show the average for the currency bloc eased to 2.1% this month.
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The ECB left interest rates unchanged for a third meeting this week as policymakers grow more confident that they’ve stabilized prices. President Christine Lagarde reiterated that, in terms of monetary policy, the central bank “is in a good place.”
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France’s figures for October showed inflation was restrained by a 5.6% drop in energy prices. Gains in food costs slowed to 1.3% from 1.7%, while services were stable at 2.4%.
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Its economy is facing headwinds from a prolonged political crisis over public finances that worsened in September with the second government collapse in less than a year. New Prime Minister Sebastien Lecornu is still at risk of being toppled in no-confidence votes as a fractured parliament bickers over the 2026 budget.
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Lawmakers are also adding amendments that risk significantly driving up taxes next year. The economy has proved resilient so far, recording surprisingly strong third-quarter growth thanks to exports and business investment.
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—With assistance from Ainhoa Goyeneche, Barbara Sladkowska and Joel Rinneby.
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