Inflation reached 6.3% year-on-year in France in February, driven by soaring food prices, which have become its primary driver ahead of energy, according to a final estimate revised slightly higher on Wednesday by INSEE. “This rise in inflation is due to the acceleration in food prices”, which jumped 14.8% year on year, as well as those of services and manufactured goods, while the prices of energy are slowing down (14.1%), detailed the National Institute of Statistics, which had previously estimated inflation at 6.2% over one year in February.
Both fresh products (15%), especially vegetables and fruits, and non-fresh products (14.8%) such as bread, cereals, meat, sugar, jam, chocolate or drinks, are affected by this trend. Prices for services (3% after 2.6%) – catering, accommodation, transport, rents, etc. – and manufactured goods (4.7% after 4.5%) such as furniture and toys also continued to rise.
Since consumer prices took off, driven by post-Covid supply chain disruptions and then the war in Ukraine, the inflation rate has returned to levels not seen since the 1980s. It is expected to gradually decline. to 5% in June, INSEE predicted in early February. The Harmonized Consumer Price Index (HICP), used for Europe-wide comparisons, was 7.3% year on year in February, down from 7% in January.
