French Prime Minister Jean Castex announces special inflation allowance

Paris: In a major boost for the financially downtrodden section, French Prime Minister Jean Castex has announced a special inflation allowance of 100 euros (USD116) for people with a net monthly income of less than 2,000 euros.

Addressing at a public television TF1, the Prime Minister on Thursday night explained that, due to the high fuel price, his government determined to offer an inflation allowance of 100 euros for people whose net monthly income is lower than 2,000 euros across the country. According to him, 38 million people will be entitled to this special allowance which would be credited automatically.

French Prime Minister said this would cost the country 3.8 billion euros, adding that France could handle this spending without exceeding its 5 per cent target of deficit for the year 2022. He also announced locking gas prices throughout 2022 to deal with a record spike in energy prices. Notably, France has seen a rapid growth of energy prices in the past few months. The diesel price reached 1.56 euros per litre on average and 1.62 euros for gasoline, both being record high prices.

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