France: inflation accelerated to 2.9% in January, confirms INSEE

Inflation, which rose to 2.9% over one year, is still driven by rising energy prices.

The latter soared in January by 19.9% ​​after an increase of 18.5% in December over one year, while the prices of services rose by 2%, and those of food by 1.5%, detailed the National Institute of Statistics.

A 0.3% increase over one month

Over one month, inflation increased by 0.3% after 0.2% in December.

In detail, the prices of petroleum products accelerated over one year due in particular to diesel, gasoline and liquid fuels, electricity prices rose 3.9% against 3.1% in December, and the price of gas rose at the same rate as the previous month, ie +50.9%, specifies INSEE.

The prices of manufactured products saw their growth slow down over one year, to +0.6% against 1.2% in December, partly due to the winter sales.

+3% for bread, +2% for meat prices

Among food prices, fresh products rose particularly, +4% after +3.3% in December, and meat prices, at +2% against +1.7%. The price of bread also rose by 3.3%.

Excluding volatile prices, however, consumer prices in January were up 1.6%, against 1.9% in December, said the National Institute of Statistics. The harmonized HICP consumer price index which serves as a basis for comparison at European level confirms its slight slowdown to +3.3% in January over one year, after +3.4% in December.

The increase in prices has been affecting most European countries for several months, even more intensely than in France: in January Spain posted an increase of 6.2%, Poland of 9.2%, Greece of 6.2% and Germany 4.9%.

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