The French Finance Minister has said that we are entering a “new age” of increased inflation.

Paris, France (Reuters)- According to the French finance minister, inflation will be high in 2022, and although it should gradually decline next year, France and its partner nations are on track to start “a new age of greater inflation.”

Le Maire told BFM TV on Friday that he believes inflation will gradually drop as we balance supply and demand in the energy industry, but we must be clear: we are entering a new period of greater inflation.

Russia’s invasion of Ukraine led to a huge rise in the price of oil, which caused inflation to rise across the world’s economy.

The title The inflation rate in France was 5.1% in March, and the inflation rate in the eurozone was a little lower than previously thought, but it still hit a record high because of a rise in the cost of energy.

Le Maire stated on Friday that current inflation in the euro zone’s second-largest economy is being fueled by energy costs at a ratio of roughly 60%.