Growth, inflation and budget deficit have been in the news in recent days. After angering the government by announcing a public deficit at 5.5% of gross domestic product (GDP) in 2023, the National Institute of Statistics and Economic Studies (INSC) is going in the other direction, this time announcing a further slowdown in inflation. to 2.3% over a year in March 2024.
According to its first provisional estimate conducted at the end of March, the National Institute of Statistics and Economic Studies (INSEI) announced in a new publication on March 29 that “Consumer prices to rise 2.3% in March 2024 after 3.0% in February 2024», and 5.7% in March 2023.
This figure is synonymous with a further slowdown in inflation, to 0.7% in a year compared to the previous month and 3.4% compared to March 2023.
In detail, the institute explains this new decline in food prices (+1.7% in March, after +3.6% in February), services (+3.0% in March, after 3.2% in February), tobacco prices. (10.7% in March, after 18.7 in February), energy (3.4% in March, after 4.3% in February) and manufactured products (0.1% in March, after 0.4% in February).
Inflation slows down in March
Over a month, consumer prices “to slow in March 2024 (+0.2% after +0.9% in February)” “The slowdown will be due to a slight decline in energy prices, particularly gas and petroleum products.”, it is explained. This is not the case for prices of manufactured products which “Seasonal increase in clothing prices will accelerate after winter sales“
On the other hand, prices of food and services “Will be stable in a month», notes the publication. The Harmonized Index of Consumer Prices (HICP) is used to make comparisons between members of the European Union.+3.2% in February followed by 2.4% growth in March 2024. In a month, it should slow down (+0.9% after +0.3% in February).», indicates the institution.
As a reminder, the HICP is calculated for all households in France. “The main difference between the two indices (HICP and IPC) concerns health expenditure: HICP follows net prices of social security compensation while IPC follows gross prices.», refers to INSEE.
It should be noted that the publication was based on provisional data. Communication indicators are obtained at “.A restricted field of price observations and estimates of some price changes are still available», however, distinguishes INSEE. The publication of the final results is expected on April 12, 2024 at 8:45 am, the organization announced.
