PARIS, Jan. 12 (Xinhua) -- France's annual average consumer price index (CPI) rose by 4.9 percent in 2023, slower than the 5.2 percent recorded a year before, the country's National Institute of Statistics and Economic Studies (INSEE) said on Friday.
The inflation decrease in 2023 was driven by the sharp slowdown in energy prices, INSEE said in its annual report. The yearly surge of energy prices in 2023 was 5.6 percent, much slower than 23.1 percent in 2022.
The slowdown of energy prices increase was notably due to the petroleum product prices dropping by 1.7 percent in 2023, compared with a 29 percent rise in 2022.
Meanwhile, the increase in gas prices slowed down from a 40.9 percent hike in 2022 to 14.3 percent in 2023, while electricity prices were up by 12.9 percent in 2023, compared with 7.4 percent in 2022.
However, the increase of food prices in France accelerated sharply in 2023, up by 11.8 percent, INSEE said.
French Economy and Finance Minister Bruno Le Maire said in November that the government has made a "real success" in bringing inflation under control after two years of soaring rates.
Throughout 2023, the French government has carried out many measures to cut the cost of living.
From April to June 2023, retail groups were asked to cut prices for a wide range of products. Meanwhile, the energy tariff shield put in place in 2021 was not only extended to December 2022 for gas, but also prolonged for the whole year of 2023. In addition, the government asked the fuel industry to sell at cost price.
Speaking to French local media in December, Le Maire said the inflation crisis "was behind us." For the year 2024, he said the inflation would be kept under 3 percent. ■
