Food, services and manufactured goods are the main contributors to the rise in prices, according to official data
Inflation in France continues to soar at a record pace and rose faster than expected in February, largely due to soaring food prices, according to the latest calculations from the statistics agency Insee, published on Wednesday .
Consumer prices rose from a forecast of 7.2% to 7.3% in February year-on-year, compared to 7.0% in January and represents the largest increase in the euro era in France , said INSEE.
This latest report shows that food, services and manufactured goods were the main contributors to the rise in inflation.
Earlier this month, the government warned French households that inflation would accelerate to 10% in March, meaning food prices will also rise by 10%. The country’s authorities have introduced a so-called “anti-inflationary food basket” consisting of around 50 basic products and have forced large retailers not to increase the prices of these basic necessities.
French Finance Minister Bruno Le Maire said he expected inflation to peak this summer and then start to ease. Banque de France Governor Francois Villeroy de Galhau acknowledged that inflation in the eurozone remained too high and continued to be the main concern and top priority for monetary policy.
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