RT.com
15 Mar 2023, 21:04 GMT+10
Food, services and manufactured goods are the biggest contributors to rising 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 surging food prices, according to the most recent calculations by statistics agency INSEE, published on Wednesday.
Consumer prices increased from a projected 7.2% to 7.3% in February year-on-year, up from 7.0% in January and representing the strongest increase in France's euro era, INSEE said.
This latest report shows that food, services and manufactured goods have been the main contributors to rising inflation.
Earlier this month the government warned French households that inflation will accelerate to reach 10% in March, which means that food prices will also increase by 10%. The country's authorities have introduced a so-called "anti-inflation food basket" comprising about 50 basic items and have obliged large retailers not to hike prices on these essentials.
READ MORE: French warned of further price hikes
French finance minister Bruno Le Maire said he expected inflation to reach a peak this summer and then start to ease. Banque de France governor Francois Villeroy de Galhau acknowledged that inflation across the Eurozone remained too high and continues to be the main concern and the top priority for monetary policy.
For more stories on economy & finance visit RT's business section
Get a daily dose of Europe Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.
More InformationTAIPEI, Taiwan: In an effort to ease tensions between Taiwan and China, former Taiwanese President Ma Ying-jeou will visit Beijing ...
NIAMEY, Niger: Four weeks after US Secretary of State Antony Blinken visited Niger, an American aid worker and a French ...
BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
BANGUI, Central African Republic: Authorities from the Central African Republic have said that nine Chinese nationals were killed and two ...
MENINDEE, Australia: After recent floods and hot weather, millions of dead fish have washed up in southeastern Australia, which authorities ...
BOISE, Idaho: Under a bill passed by the Idaho Legislature thios with a veto-proof majority, the state will allow firing ...
WASHINGTON D.C.: The US Commerce Department has proposed new laws aimed at preventing China and other countries deemed of concern ...
NEW YORK, New York - As concerns over the banking sector eased, U.S. stocks moved moderately higher on Thursday, but ...
MEXICO CITY, Mexico: Amid Tesla's plan to open a $5 billion Gigafactory in the country, Mexico will soon become an ...
PARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...
MANILA, Philippines: An underwater robot from Japan has located a leaking fuel tanker, MT Princess Empress, which sank off the ...
NEW YORK, New York - A hike in official U.S. interest rates of 0.25 percent, and a jump in inflation ...