Inflation clearly crossed the 4% mark in France over one year in March, still driven by the rise in energy and food prices, according to an initial estimate published on Thursday March 31 by the National Institute Statistics and Economic Studies (INSEE).
After reaching 3.6% over one year in February, the increase in the consumer price index (CPI) stood at 4.5% in March.
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War in Ukraine: Inflation knocks at the door of the supermarket
Forecasts in line with the expectations of INSEE, which expected from mid-March, in its monthly economic note, that inflation would pass the 4% mark in March and evolve around 4.5% in second trimester. The harmonized CPI (HICP), which serves as a basis for comparison at European level, was 5.1% over one year, after +4.2% in February.
Explosion of energy prices
In addition to the rise in the price of petroleum products linked in particular to the war in Ukraine, INSEE has observed a marked increase in the price of manufactured products and food.
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The waltz of food labels is fueled by the price of fresh products, up 7.2% over one year (5.9% over one year the previous month). Energy prices continue to soar and are up 28.9% compared to March 2021.
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The cost of services increased much more modestly, at 2.3% over one year, while that of tobacco fell slightly (-0.1%). From February to March 2022, the CPI rose by 1.4% and the HICP by 1.6%. The final estimate of inflation for the month of March must be published on April 15 by INSEE.