This is a level not seen since the 1980s, INSEE said on Friday, confirming its first estimate published at the end of March. After 3.6% in February, the rise in the consumer price index (inflation) stood at 4.5% in March. As in recent months, this acceleration in inflation is explained by the rise in energy prices, which rose again by 29.2% in March, after +21.1% in February. They are notably driven by petroleum products (+43.5%), a consequence of market tensions since the start of Russia’s invasion of Ukraine.
A revaluation of the minimum wage
The increase in food prices also increased, with an increase of 2.9%, after 2.1% in February. Fresh products in particular experienced an increase of 7.6% over one year. Conversely, the prices of manufactured products slowed down a little (+2.1%, after +2.2% in February).
The harmonized consumer price index (HICP), which serves as a basis for comparison at European level, is up 5.1% over one year, after +4.2% in February. This high inflation has led to an automatic revaluation of the Smic on May 1st. At the end of March, the Ministry of Labor had indicated that it would be between 2.4 and 2.6%, or between 30 and 35 euros gross per month. The minimum wage currently stands at 1,603 euros gross per month.