French September HICP Inflation Jumps to 3.4%, Topping Market Expectations

French inflation accelerated sharply in September, lifting consumer prices further above the European Central Bank's 2.0% target. Preliminary Harmonised Index of Consumer Prices rose to 3.4% year-over-year, beating the 3.1% consensus estimate and up from 2.6% in August. The national consumer price index climbed to 3.0% against an expected 2.8% and a prior reading of 2.4%. Price increases were driven primarily by energy costs, which surged 21.2% year-over-year, while services inflation rose to 2.2% and food inflation advanced to 1.5%.