French Consumer Prices Rise Most Since Feb 2020

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France’s consumer prices increased at the fastest pace in more than a year in March largely driven by a rebound in energy prices, preliminary data from the statistical office Insee showed on Wednesday.

Consumer prices increased 1.1 percent year-on-year in March, faster than the 0.6 percent rise in February. The rate came in line with economists’ expectations and was the fastest since February 2020, when prices were up 1.4 percent.

The increase in inflation resulted from the 1.1 percent rise in the service prices and a marked 4.8 percent rebound in energy prices.

Month-on-month, consumer prices gained 0.6 percent after remaining flat in February and was slightly below forecast of 0.7 percent.

Inflation, based on the harmonized index of consumer prices, climbed 1.4 percent after a 0.8 percent rise in February. Economists had forecast an annual rate of 1.3 percent.

On a monthly basis, the index climbed 0.7 percent after being stable in the previous month. Economists had forecast a 0.8 percent rise.

Another report from the Insee showed that industrial producer price inflation in domestic market advanced to 1.8 percent in February from 0.4 percent in January. On month, the producer price index grew 0.8 percent, following a 1.2 percent rise in January.

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