Macron issues warning on energy prices

The French president says the government has managed to avoid the worst-case scenario

Energy prices in France will grow by 15% early next year, President Emmanuel Macron has warned as European governments continue to search for ways to curb high inflation.

“There will be a 15% increase in electricity and gas [prices] in the first months of 2023,” Macron said during an interview on TV channel France 2 on Wednesday, adding that, thanks to government measures, larger hikes have been avoided.

“When there should have been a 100% increase in electricity and gas [prices], it will be 15%,” he stated.

The president promised to continue providing targeted aid to vulnerable groups, such as students, and spoke in favor of adjusting wages while high inflation remains in place. He also promised “tens of millions of euros” worth of assistance to businesses.

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Similar to many other European countries, France has been grappling with soaring energy prices and a cost-of-living crisis.

Prime Minister Elisabeth Borne unveiled a plan last month to mitigate the impact of inflation, including the so-called ‘exceptional energy vouchers’ worth €100 ($100.4) and €200 ($201), which will be given to 12 million households by the end of the year.

Inflation in the Eurozone reached 9.9% last month, up from 9.1% in August, according to Eurostat.