Inflation rates by country and year
Data: World Bank, annual %. For information only — not financial advice.
Behind the curve
Turning points in France
- 1973↑ Upward pressure
The first oil crisis ↗ — Wikipedia (opens in a new tab)
The oil shock raised France’s imported energy costs. Electricity and other prices rose in an already inflationary environment, with the main impact carrying into 1974.
- 1979↑ Upward pressure
Oil prices and the wage-price spiral ↗ — Wikipedia (opens in a new tab)
A second surge in oil prices fed through to French production and consumer prices. Wages linked to past inflation helped prolong the shock, with inflation accelerating into 1980.
- 1983↓ Downward pressure
The 1983 turn toward disinflation ↗ — Wikipedia (opens in a new tab)
France shifted toward fiscal restraint, restrictive monetary policy and defending the franc. The retreat from general wage indexation helped weaken the wage-price spiral as inflation declined over the following years.
- 2009↓ Downward pressure
The recession and falling energy prices ↗ — Wikipedia (opens in a new tab)
The global downturn reversed the earlier energy-price surge. France’s energy prices fell sharply in 2009, helping pull overall inflation down toward zero.
- 2020↓ Downward pressure
The pandemic and cheaper petroleum ↗ — Wikipedia (opens in a new tab)
The pandemic depressed petroleum prices and slowed price growth in France. Energy became a major downward influence on inflation in 2020, before reopening brought new supply pressures.
- 2022↑ Upward pressure
Energy shock and the tariff shield ↗ — Wikipedia (opens in a new tab)
Global supply pressures and the war in Ukraine pushed up energy and food prices. France’s public price protections limited the pass-through, but inflation still rose sharply in 2022.
These are selected historical influences, not a complete account of inflation. An upward-pressure event can coincide with a peak when its inflationary effect has already occurred or when other forces begin pushing inflation lower. The markers show the years in which events occurred, although their effects may extend into later years.