French inflation at 4.8% year on year to April

Inflation in France has continued to rise in April and has now hit 4.8% year on year compared to the same month in 2021, with the price index in March reaching levels not seen since the mid-1980s.

Inflation hit 3.6% in February and 4.5% in March, compared to the same months in 2021, figures from French statistics institute INSEE show.

Energy costs are up significantly compared to last year, having risen 26.6%.

Costs of food and services are also rising. Among food items, inflation has hit 3.8% in a year, after a 2.9% rise in March. Manufactured products and services are also up 2.7% and 2.9% respectively, compared to April 2021.

Price rises are at a historic high, and in March the price index reached a level not seen in France since the mid-1980s. In April, the price index jumped by 0.4%, after 1.4% between February and March 2022.

Yet, in a statement, Insee said that in April, "energy prices appear to have fallen back in line with the drop in the price of oil products, and those of manufactured goods appear to have slowed down".

Rising inflation, which has nonetheless slowed down in the past month, puts France on a similar footing to other European countries. On Thursday, European Central Bank Vice-President Luis de Guindos said inflation in the eurozone was "very close" to its peak.

On April 28, Germany announced that inflation there for April had hit 7.4% in comparison to April 2021. On the same day, Spain reported figures of 8.4% in April.

INSEE is due to publish its final estimate of April inflation in France on May 13.

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