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French Fin Min Says Crude Has Led Inflation, Eyes Oil Cos

PARIS (Dow Jones)--French inflation, which rose 2.6% on the year in December according to the country's statistics office, was largely driven by oil prices, Finance Minister Christine Lagarde said Tuesday, who promised to keep a close eye on a price pledge by oil companies.

The latest inflation statistics "essentially reflect the influence of the recent explosion in oil prices on the international markets," according to a statement from Lagarde's office.

According to the statement, Lagarde "reaffirms her strengthened vigilance as to oil companies' respect for their commitment, made on Nov. 10," not to pass on oil prices immediately to consumers and to "smooth out" spikes in the price.

The December inflation figures, released earlier Tuesday, bring the acceleration of inflation in the fourth quarter to record levels, BNP Paribas' economist Mathieu Kaiser said.

In the fourth quarter, French consumer prices rose 2.3% from the third quarter, while in the third quarter, inflation increased 1.3% from the second quarter. The rise in the fourth quarter "is the strongest acceleration since the start of the data series back in the 1990s," Kaiser said.

-By Adam Mitchell, Dow Jones Newswires, +33 1 40171740; adam.mitchell@dowjones.com

(Geraldine Amiel in Paris contributed to this report.)

(END) Dow Jones Newswires

January 15, 2008 12:45 ET (17:45 GMT)


Copyright 2008 Dow Jones & Company, Inc.

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