France inflation picks up on rising energy prices
France’s consumer price index (CPI) is projected to rise by 1.7 percent year-on-year in March, according to a preliminary estimate released Tuesday by the National Institute of Statistics and Economic Studies (INSEE).
The figure represents an acceleration from the 0.9 percent increase recorded in February, driven largely by a sharp rebound in energy prices, particularly petroleum products, News.Az reports, citing Xinhua.
INSEE forecasts that energy prices will climb 7.3 percent year-on-year in March, reversing the 2.9 percent decline seen the previous month.
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Service prices are also expected to increase at a slightly faster rate, alongside higher tobacco costs.
On a monthly basis, consumer prices are expected to rise by 0.9 percent in March, compared with a 0.6 percent increase in February, mainly due to surging energy prices.
Food prices are projected to post modest monthly gains, while price growth for manufactured goods and services is expected to slow compared to February.
Since the start of the Middle East conflict, Brent crude oil prices have largely remained above $100 per barrel, rising more than 50 percent from pre-conflict levels. Meanwhile, the Dutch TTF benchmark, a key indicator for European gas supply contracts, has nearly doubled compared to levels seen before the conflict.
By Nijat Babayev
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