Inflation was finally a little stronger than expected in March

2023-04-14 12:18:48

Posted Apr 14, 2023, 10:29 AMUpdated on Apr 14, 2023, 12:18 PM

Inflation was finally a little stronger than expected in March. INSEE has indeed revised upwards, this Friday morning, its estimate, published a fortnight ago. According to the latest data available, consumer prices rose by 0.9% over one month and 5.7% over one year. That is a little more than the 5.6% announced on March 31.

However, the trend towards a slowdown in inflation is not called into question. Inflation in March remains below the peak of the previous month (6.3% in February) and shows its best level since last September. A trend that should continue since, according to INSEE, inflation should return to 5% next June.

Food prices take over from energy prices

The index calculated by INSEE remains for the moment torn between, on the one hand, the slowdown in energy prices and, on the other hand, the acceleration in food prices, the rise of which is finally turns out to be a little stronger than announced in the first estimate: food prices rose by 15.9% in March, after rising by 14.8% in February.

This surge in food prices is almost general. It affects both fresh products, such as fruits and vegetables, and non-fresh products such as bread, cereals, meat, cheese, chocolate or drinks.

Conversely, the rise in energy prices slowed sharply . If these prices are still progressing, it is at a rate that is disproportionate from one month to the next: +4.9% in March after +14.1% in February. In question, the sharp decline in petroleum products and a more modest deceleration in gas, which offset an acceleration in electricity prices.

For their part, driven by clothing and footwear, the prices of manufactured products recorded a slight increase in March. While those of services have slowed down slightly.