Europe 1 with AFP 09:57, March 15, 2022

Inflation accelerated sharply in France in February, to 3.6% over one year, its highest level since 2008. In particular, the explosion in energy prices linked to the Russian military invasion in Ukraine , Moscow being a large supplier of oil and gas in Europe.

Inflation accelerated sharply in February in France to 3.6% over one year, reaching its highest since 2008 due to energy prices, INSEE said on Tuesday, confirming its first estimate.

Energy prices increased by 21.1% over one year, detailed the statistics institute.

The end of February was marked by the acceleration of oil and gas prices with the Russian invasion of Ukraine.

The increase in the price of petroleum products reached 26.9% over one year, with +26.3% for diesel and +22.4% for gasoline.

Electricity prices gained 4.9% and those of gas "barely slowed down", rising 47.1% after 50.9% the previous month. 

The Russian invasion of Ukraine led to an explosion in energy prices, Moscow being a large supplier of oil and gas in Europe.

European economic sanctions against Moscow are sparing energy imports for the time being, but fears of an embargo have sent prices soaring and could be seen more in March inflation figures.

Inflation up 0.8%

Over one month, inflation in France increased by 0.8%.

Excluding volatile energy prices, so-called core inflation rose by 2.5% over one year.

Other sectors are affected by the surge in inflation: the prices of services and those of manufactured products increased by 2.2% over twelve months, and those of fresh products by 5.9%.

The prices of fresh vegetables thus rose by 5.8% and fresh fish by 10.3%.

Excluding fresh products, meat (+2.2%), bread and cereals (+2.7%), milk, cheese and eggs (+0.8%) also accelerated.

The harmonized HICP consumer price index, which serves as a basis for comparison at European level, increased by 0.9% over one month and 4.2% over one year.

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