PARIS (Reuters – French consumers’ confidence dropped in March, to the lowest level in a little over a year. Inflation fears rose to their highest ever levels. A monthly survey was released Tuesday.

Official stats agency INSEE reported that its index of consumer confidence dropped to 91 from 97 in February. It was a steep drop in response to Russia’s invasion.

This result was the worst since February 2021. It fell below economists’ predictions of 94 points per cent in a Reuters poll. However, it is in line with a rising trend that has been observed in advance of past presidential elections. France is hosting a presidential vote next month.

INSEE revealed that 50 percent of respondents expected inflation to rise in the following year, which is the highest percentage since 1972.

Next month’s election is fast approaching and the government has allocated more than 25 million euros ($27 billion), which will be used to reduce gas and electricity prices, offset the inflationary handouts given to households with low incomes, and to offer fuel price rebates.