On Friday, France’s statistics agency Insee reported that in January, consumer goods prices rose 6% year over year, increasing from 5.9% in December

The rise in the consumer price index (CPI) was attributed to the rapid rise in food prices, which rose 13.3% year over year, and energy prices, which were up 16.3% year over year. According to Insee, the price increases of services, as well as  manufactured goods had slowed.

Seasonally adjusted, consumer prices were up by 0.8% monthly, according to the report.

Core inflation, which excludes the more volatile items like food and energy to give a better view of the overall trend of prices, increased 5.6% for January, which was up from 5.3% in December.

The European harmonized CPI rose 0.4% for the month, and 7% year over year.

The Bank of France predicts that in the country inflation will peak in the first six months of 2023, after which it will slowly decline to roughly 2% by the end of 2024. French Food manufacturers reportedly asked retailers to raise the prices of products from 15-25% beginning in 2023, as inflation and rising production costs began eating into their margins.

Economists expect that once energy prices begin to moderate in the country, inflation will begin easing. Bruno Le Maire, the French finance minister has said the government’s top priority is lowering energy prices and curbing the spiraling inflation.