Inflation: consumer prices, boosted by oil prices, up 1% in March

Consumer prices in France, driven by those of oil, increased by 1% over the month in March, a little more than initially announced, and by 1.7% over one year, INSEE announced on Wednesday April 15 in its final results.

The monthly increase was initially announced at 0.9%. The increase over one year is not revised, but it reflects a surge, after + 0.9% in February: prices were driven up by energy, and particularly petroleum products (+ 17.1% over the month after + 1.8% in February), linked to the war in the Middle East that began on February 28.

Energy prices as a whole increased by 8.9% over the month in March, after +0.3% in February.

The prices of manufactured products increased less than in February (+0.7% after +1.4%) as did those of services (+0.2% after +0.5%) and tobacco (+0.3% after +0.4%). Food prices are up slightly (+0.1% after stability). Adjusted for seasonal variations, consumer prices increased by 0.8% in March after +0.2% in February.

Rapid rise in energy prices

The price increase of 1.7% over one year, notes the National Institute of Statistics, is largely explained by the rapid rise in energy prices (+7.4% after -2.9% in February).

Over the year, the prices of petroleum products increased by 18.1% in March: + 23.5% for diesel, + 9.9% for gasoline and + 40.9% for liquid fuels. Electricity prices, for their part, continue to fall (-3.1%) like those of gas (-2.2%).

Over one year, the prices of services accelerate slightly (+1.7%), as do tobacco prices (+3.2%). For their part, food prices are slowing down (+1.8%) and those of manufactured products are falling further (-0.5%).

Underlying inflation over one year, which does not take into account the most volatile prices, such as those for food or energy, stood at +1.1% in March after +0.9% in February.

The harmonized consumer price index (HICP), which allows comparison between euro zone countries, increased by 1.1% over one month, after + 0.7% in February. Over one year, it increased by 2.0% (instead of 1.9% initially announced) after + 1.1% in February.