French Inflation Soars Past ECB Target on Energy Costs

French inflation surged to 3% in September, largely due to a significant jump in energy and fuel costs. According to the INSEE statistics office, energy prices rose by 21.2% in September, following a 16.7% increase in August.

The spike in energy costs is attributed to the ongoing war in the Middle East, which has disrupted oil shipments from Gulf countries.

Diesel prices have hit record highs in France and several other eurozone countries in recent weeks.

The European Central Bank's (ECB) inflation target of 2% has been exceeded, and analysts expect the ECB to raise interest rates further to tame price increases. The central bank had already raised its benchmark rate to 2.5% earlier this month.