France’s president, Emmanuel Macron, indicated that the country should expect elevated food prices to extend into the early autumn period. The remarks were reported from Paris and signal ongoing concerns about household costs as the year progresses.
Macron stated plainly that food prices will stay high through the end of summer. He also noted that the minimum wage continues to rise in France, and that other wage increases are being considered by the government as part of a broader debate about living costs and worker compensation.
Data released by the French National Institute of Statistics and Economic Studies (INSEE) showed that consumer inflation in February 2023 remained a key focus for policymakers and households. The month saw inflation accelerate to 6.2 percent from 6 percent in January, underscoring the persistent price pressures across the economy.
Market analysts polled by the DailyFX portal projected a 6.1 percent year-over-year increase for February. By comparison. February 2022 had posted an annual inflation rate of 3.6 percent, highlighting the pace of price growth over the year.
Le Monde, citing data from the research firm IRI for the first half of February, reported that food prices in France rose by an average of 13.8 percent in January 2023 versus January 2022. This rise reflects widespread shifts in the cost of essentials, including groceries and staples, and has had a noticeable impact on household budgets. [Citation: INSEE press release, DailyFX analyst survey, Le Monde report based on IRI data]