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| French warned of further price hikes | French warned of further price hikes |
| (about 3 hours later) | |
| The cost of food will surge again this month in the Eurozone’s second-largest economy | The cost of food will surge again this month in the Eurozone’s second-largest economy |
| Inflation in France will accelerate to reach 10% in March but the state will “break daily prices” to tame the rise, government spokesperson Olivier Veran warned on Wednesday. | |
| The French consumer price index increased to 6.2%, up from 6.0% in January, according to preliminary data from the statistics bureau Insee, issued on Tuesday. | The French consumer price index increased to 6.2%, up from 6.0% in January, according to preliminary data from the statistics bureau Insee, issued on Tuesday. |
| Food inflation edged higher to 14.5% from 13.3%, service prices were up to 2.9% from 2.6%, while the prices of manufactured goods rose slightly to 4.6% from 4.5%, with the end of winter sales, according to the report. Energy prices jumped 14.0% year-on-year in February, Insee said. The EU-harmonized index stood at 7.2% compared to 7% in January. | Food inflation edged higher to 14.5% from 13.3%, service prices were up to 2.9% from 2.6%, while the prices of manufactured goods rose slightly to 4.6% from 4.5%, with the end of winter sales, according to the report. Energy prices jumped 14.0% year-on-year in February, Insee said. The EU-harmonized index stood at 7.2% compared to 7% in January. |
| The French government expects inflation at 10% this month, meaning that food prices will also increase by 10%, according to Veran. He warned that “this is not a one-time price increase; this is an annual inflation between March 2022 and 2023. Obviously, this affects the consumer basket and everyday life” for French households. | The French government expects inflation at 10% this month, meaning that food prices will also increase by 10%, according to Veran. He warned that “this is not a one-time price increase; this is an annual inflation between March 2022 and 2023. Obviously, this affects the consumer basket and everyday life” for French households. |
| “We work with large retailers, with manufacturers, so that, ultimately, when a French person goes shopping, whether in one brand or another, he can go and buy the products he needs on a daily basis at affordable prices,” the official added. | “We work with large retailers, with manufacturers, so that, ultimately, when a French person goes shopping, whether in one brand or another, he can go and buy the products he needs on a daily basis at affordable prices,” the official added. |
| “We want everyone to take their share,” Veran stated, recalling that French President Emmanuel Macron had asked supermarket groups on Saturday to contain their margins to fight soaring food prices. | “We want everyone to take their share,” Veran stated, recalling that French President Emmanuel Macron had asked supermarket groups on Saturday to contain their margins to fight soaring food prices. |
| Earlier, the country’s authorities introduced the so-called “anti-inflation food basket” comprising about 50 basic items and obliged large retailers not to hike prices on these essentials. The measure is due to take effect this month. | Earlier, the country’s authorities introduced the so-called “anti-inflation food basket” comprising about 50 basic items and obliged large retailers not to hike prices on these essentials. The measure is due to take effect this month. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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