Inflation accelerated sharply in February in France to stand at 3.6% over one year, fueled by almost generalized price increases, according to an initial estimate by INSEE. After rising 2.9% in January, the consumer price index jumped on “an acceleration in prices for energy, services, manufactured goods and food”, according to the report. statistical institute.
Higher than expected by the economic consensus, inflation over one year had not reached such magnitude since July 2008 (+3.6% compared to July 2007). More broadly, this is the first time since September 2008 that this indicator has reached – and even greatly exceeded – the symbolic bar of 3%, pending the final estimate from INSEE in mid-March.
It is above all energy prices that have exploded with an increase of 21% compared to February 2021 but also fresh products, by 5.6%. And this upward movement should not stop with the war in Ukraine.
In services, prices rose by 2.2%, “particularly due to the rebound in the prices of transport services”. Same progression for manufactured products which started to rise again after the winter sales. On the other hand, as in January, the price of tobacco fell by 0.1% over one year.
On a monthly basis, from January 2022 to February 2022, inflation would have stood at 0.7%, against 0.3% between December 2021 and January 2022. Insee now anticipates for the first half of 2022, an increase prices of 3 to 3.5%.