France: inflation rises to 6.2% over one year in February according to INSEE

Europe 1 with AFP 10:40 a.m., February 28, 2023, modified at 10:40 a.m., February 28, 2023

Inflation reached 6.2% in February over one year, returning to its rate of October and November 2022 after having settled to 5.9% in December and 6% in January, according to an initial estimate published on Tuesday by INSEE.

"This slight rise in inflation would be due to the acceleration in the prices of food and services", explains the National Institute of Statistics and Economic Studies, which observes, on the contrary, a slowdown in the rise in energy price.

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Since consumer prices took off in 2022, the inflation rate has returned to levels not seen since the 1980s. According to INSEE, food products rose in February by 14.5% over one year after having increased by 13.3% in January.

The increase is particularly marked for fresh products (14.2% over one year after 10.2%).

Inflation also affects services

The prices of services also rose more rapidly than in January (+2.9% against 2.6%), "driven by the rebound in the prices of transport services" according to INSEE.

"With the end of the winter sales", the rise in the prices of manufactured goods is also accelerating, but more slightly (4.6% over one year after 4.5% in January).

Finally, the growth in the cost of energy slowed markedly in February (14% over one year after 16.3%), the 15% revaluation of regulated electricity tariffs on February 1 being "mitigated by the fall in prices petroleum products".

A reference indicator at European level, the harmonized consumer price index (HICP) stood at 7.2% over one year in February, up 0.2 points compared to the previous month.

Insee is due to publish a second, more detailed estimate of inflation in February in mid-March.