According to a provisional estimate by INSEE, consumer prices increased by 4.5% in March over one year. The prices of fresh produce soared by 7.2% and those of energy soared by 28.2%.
Between February and March 2022, the consumer prices increased by 1.4% after rising 0.8% in February this year. Inflation, over one year, exceeded the 4% mark to reach in March 4.5%. Among the most affected products are energy and fresh produce.
According to the INSEE provisional report, the rising energy prices is due to the increase in the prices of petroleum products. Even before the start of the conflict between Russia and Ukraine, the price of gasoline had increased by almost 40% in 6 months. Those of gas and electricity also explode. Global energy prices suffer in March 2022 an increase of 28.2% year on year, down from 21.1% last month.
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On the food side, the surcots are just as impressive. In March, food prices rose by 2.8%. And among the products that suffered the most from inflation, we find the fresh products +7.2% in one year. On the other hand, the soaring prices of services are slowing down, due to the fall in the prices of transport services, according to INSEE.
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This price increase of 4.5% in March is in line with the expectations of INSEE, which expected in mid-March, in its monthly economic note, that inflation would pass the 4% mark in March and hovered around 4.5% in the second quarter.
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