Lower inflation, better jobs … in France la vie est belle

Emmanuel Macron's reforms have seen the country pull ahead of the UK on most economic measures

While the UK, US and much of the EU are gripped by a cost-of-living crisis heightened by Russia's invasion of Ukraine, in France, President Emmanuel Macron's tariff shield" is helping keep a lid on rising prices.

Inflation there hit 4.5% in March, and while this was up from February's 3.6%, it remains one of the lowest rates in the industrialised west and well below the UK's 6.2%, Germany's 7.3%, Spain's 9.8% and 11.9% in the Netherlands. A decision last year to limit the amount by which France's largely state-owned energy companies could raise prices has benefited consumers and taken some of the inflationary pressure off industries that depend on gas and electricity.