The Consumer Price Index (CPI) in France rose by 5.6% in March 2023, after increasing 6.3% in the previous month, according to the provisional estimates released by INSEE or the French National Institute of Statistics and Economic Studies showed.

The consumer price inflation rate continues to remain well above the ECB's target of 2%.

The decline in inflation has resulted from a slowdown in energy prices. Energy inflation slowed to 4.9% in March 2023 from 14.1% in February 2023.

Concurrently, the inflation rate for services inched lower to 2.9% during the period under review from 3% the month before.

However, prices of food and tobacco accelerated further. Also, prices of manufactured goods and services increased over a year at a rate close to that of the previous month.

In March 2023, food price inflation was at 15.8% (vs 14.8% last month), inflation rate for manufactured goods was 4.8% (as against 4.7% in February) and tobacco inflation rate stood at 7.8% (as compared to 0.2% the month before).

The EU-harmonized annual inflation rate also slowed to 6.6 percent in March from 7.3 percent in the previous period. source: INSEE, France

On year-on-year basis, the EU-harmonized index of consumer prices rose by 6.6% in March 2023, after increasing by 7.3% in February.

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