France's consumer price index (CPI) rose at an annual rate of 2.7% in August, the highest since December 2011, as energy and service costs rose sharply, according to data released by France's National Bureau of Statistics (INSEE) on Thursday.

At present, most developed economies are being hit by soaring inflation. Italy, Germany and the euro zone are expected to report similar increases.

But central banks have been playing down the importance of the recent surge in inflation. European Central Bank President Christine Lagarde said on Wednesday that the rise in inflation in the euro zone was "basically temporary", in line with Federal Reserve Chairman Colin Powell's remarks at the same group meeting. Powell said the pressure to reopen the economy will end. Francois Villeroy de Galhau, governor of the Bank of France, was equally optimistic, saying earlier this week that while some price tensions were undeniable, they were temporary and related to Europe's strong economic recovery.

At the same time, European governments have pledged billions of dollars to mitigate the impact of rising energy prices on the continent's poorest households. French Prime Minister Jean Castel will detail these support measures in a speech on prime-time television news on Thursday.