According to the final report from INSEE, consumer prices rose 0.2% in March, as expected, after remaining unchanged in February. The latest change was mainly due to the seasonal increase in prices of manufactured products (+1.1% after +0.3%), in particular those of clothing and footwear (+5.7% after +1.4%). The prices of services were stable (after +0.6%) while those of food rebounded slightly (+0.3% after ‑0.1%). Conversely, prices of energy fell again (‑1.5% after ‑4.6%) due to the price of petroleum products.
In annual terms, CPI rose again by 0.8%, confirming economists' forecasts. This marks the lowest level since February 2021. Sharper falls in prices of energy (‑6.6% after ‑5.8% in February) and manufactured products (-0.2% after stability) were offset by the acceleration in prices of services (+2.3% after +2.2%), in particular those of insurance, and in food (+0.6% after +0.3%), notably those of fresh products. The prices of tobacco slowed down slightly (+4.1% after +4.5%).
Meanwhile, the core CPI grew by 1.3% per year after a similar increase in February.
The data also showed that in March, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in France with inflation in European countries - rose by 0.2% on a monthly basis and by 0.9% per year. In February, HICP increased by 0.1% for the month and by 0.9% per year.