FRANCE has been shaken by a wave of violent protests sparked by student anger over crumbling schools and staff shortages, which were soon joined by citizens facing soaring energy bills and a cost-of-living squeeze.
INSEE data shows that France’s consumer prices rose by 3.1 per cent year-on-year in September, driven heavily by a 21.3 per cent surge in energy prices that has severely tightened family budgets.
Sluggish economic growth, marked by a 0.2 per cent contraction in the first quarter and zero growth in the second, has further eroded citizens’ ability to cope with rising living costs.
France faces severe financial constraints as its public debt reached 119 per cent of GDP by the end of the second quarter, while 10-year government bond yields crossed the five per cent threshold for the first time since 2002.
The government’s debt servicing burden is mounting, with interest payments projected to rise from 79.2 billion euros this year to 91.2 billion euros next year, alongside high social protection spending that accounts for 31.9 per cent of GDP. — Xinhua
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