France: France's annual inflation rate accelerated to 1.7% in March from 0.9% in February, as energy prices rebounded.

According to Qatar News Agency, data from the National Institute of Statistics and Economic Studies (INSEE) indicated that the uptick was driven mainly by a sharp rise in energy costs, particularly petroleum products, which increased 7.3% year-on-year after falling 2.9% in February.

INSEE reported that services and tobacco prices edged higher, while prices for manufactured goods declined at a faster pace compared to the previous month. The Harmonized Index of Consumer Prices (HICP), which allows for comparison across the euro area, rose 1.9% year-on-year in March, up from 1.1% in February.

The increase broadly matched economists' expectations of a pickup in inflation during March, amid higher global energy prices linked to tensions in the Middle East since late February. INSEE had previously suggested that inflation could return above 2% in the spring if oil prices remain elevated, potentially nearing $100 per barrel through June.