France: inflation slows in February to +2.9% over one year, according to INSEE

Europe 1 with AFP 9:22 a.m., February 29, 2024

Inflation slowed in France to +2.9% over one year in February, after +3.1% in January, according to provisional data communicated by the National Institute of Statistics (Insee) on Thursday, but it increased significantly over the month.

Between January and February, prices increased by 0.8% after -0.2% in January, a rebound due to the increase in the prices of services, notably rent and transport, as well as those of energy, manufactured products and tobacco, according to INSEE.

Food prices, however, fell slightly over the month.

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INSEE does not communicate the details of monthly changes in this provisional estimate.

The drop in inflation over one year, despite the sharp increase in prices over the month, is due in particular to "base effects", specifies INSEE, because prices had increased sharply over one month in February 2023.

Energy and tobacco prices continue to rise

The year-on-year decline in February is due to the slowdown in prices of food (+3.6% after +5.7% in January), manufactured products (+0.3% after +0.7%), services (+3.1% after +3.2%).

In food, the slowdown is spectacular for the prices of fresh products (+0.5% over one year after +7.9% in January and +15% in January 2023).

On the other hand, the prices of energy (+4.4% over one year in February, after +1.9% in January) and tobacco (+18.7% over one year after +16.8%) are increasing. .

Over one year, the harmonized consumer price index (HICP), which is used for European comparisons, increased by 3.1% in February, after +3.4% in January, according to these provisional data.

It rebounded by 0.9% over one month after -0.2% in January.

In 2023, inflation in France had slowed to 4.9% on average after 5.2% in 2022.