Inflation slowed in France in March to 5.6% over one year, against 6.3% in February, according to an initial estimate published on Friday by the National Institute of Statistics and Economic Studies.
The slowdown in the rise in consumer prices is explained by a markedly slower rise in energy prices in March. But the rise in food prices took over and accelerated further to reach 15.8% over one year in March, according to INSEE.
A sharp 1.2% decline in food purchases
At the same time, household consumption in France fell 0.8% in February from the previous month, affected by lower spending on food and manufactured goods, the Institute for Statistical Studies reported.
After a rebound revised upwards by 1.7% in January, household consumption expenditure suffered from a sharp decline of 1.2% in purchases of food goods and 0.9% for those of goods manufactured in a context of high inflation, while energy consumption remained almost stable (+ 0.1%), said INSEE.
Both agricultural and agri-food products were affected in February while food prices are currently experiencing a double-digit surge, which accelerated further to reach 15.8% year on year in March, according to INSEE.
Food has become the main driver of inflation in France, supplanting energy, which had risen with the war in Ukraine before starting to decline.
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Consumption of manufactured goods fell by 0.9% last month, mainly due to the decline in spending on durable goods such as automobiles, furniture, electrical or household appliances.
With regard to energy, consumption was virtually stable (+0.1%), the increase in gas and electricity consumption being offset by a sharp drop in fuel.
Over one year, compared to February 2022, household consumption fell by 4.1%.