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FT.com / In depth - France escapes surge in food prices

France has largely escaped the surge in European processed food prices that has heightened inflation fears at the European Central Bank - while German and Spanish consumers have borne far more of the brunt, according to a study published by the bank on Thursday.

The impact of the global food price "shock" varies significantly across the 13-country eurozone, the ECB study concludes - adding to uncertainty about the economic outlook.

The ECB looked at prices of processed food, including bread, cereal and dairy products, as a guide to the impact of higher global food prices.

Surging eurozone inflation, which hit 3 per cent in November, led the ECB to hint last week that it might yet increase its main interest rate from the current 4 per cent - despite the global credit squeeze.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Fri Dec 14th, 2007 at 12:43:47 AM EST
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