Informations Rapides · 15 March 2024 · n° 60

In February 2024, consumer prices increased by 0.9% over one month and by 3.0% year on year Consumer price index - final results - February 2024

In February 2024, the Consumer Price Index (CPI) bounced back sharply over one month: +0.9%, after ‑0.2% in January. This rebound is explained in particular by the strong acceleration of the prices of energy (+4.1% after +0.1%), driven by the prices of electricity (+9.3% after +0.4%) and petroleum products (+3.5% after ‑0.9%). Over one month the prices of services accelerated also (+0.8% after +0.1%) and those of manufactured products partially bounced back (+0.5% after ‑1.7%). Conversely, the prices of tobacco decelerated (+1.6% after +6.5%) and those of food fell back (‑0.3% after +0.2%) due to the sharp fall in the price of fresh products.

Seasonally adjusted, consumer prices increased by 0.5% in February 2024, after 0.0% in January.

Year on year, consumer prices went up by 3.0% in February 2024, after +3.1% in January. Inflation over one year thus decreased slightly in February 2024 despite the sharp increase in prices over one month, notably due to “base effects” (prices had increased even more sharply over one month in February 2023, in particular, they were up by 1.7% for food and 0.8% for manufactured products). Those of services increased at the same rate than the previous month (+3.2%). Conversely, prices accelerated sharply for energy (+4.3% after +1.9%) and for tobacco (+18.7% after +16.8%).

Year on year, core inflation decreased again, reaching +2.6% in February 2024, after +3.0% in January.

The Harmonised Index of Consumer Prices (HICP) bounced back sharply over one month (+0.9% after ‑0.2% in January); year on year, it increased by 3.2% in February 2024, after +3.4% in the previous month.

Year on year, food prices rose by 3.6% in February 2024, after +5.7% in January. They thus slowed down for the eleventh month in a row.

Excluding fresh products, the year-on-year rise in food prices softened (+4.1% after +5.3%) notably for bread and cereals (+4.2% after +5.5%), meat (+2.3% after +3.1%), milk, cheese and eggs (+4.8% after +6.3%), oils and fats (+3.0% after +3.7%), sugar, jam, honey, chocolate and confectionery (+5.8% after +8.1%), alcoholic (+4.1% after +4.9%) and non-alcoholic beverages (+5.7% after +6.8%).

The prices of fresh products slowed down sharply (+0.4% after +7.9%), driven by those of fresh vegetables (‑3.8% after +14.2%). This year-on-year fall in fresh vegetable prices can be explained both by a sharp drop in prices over a month, and also by a “base effect” (they had strongly increased between January and February 2023). The prices of fresh fruits slowed down year on year (+1.7% in February 2024 after +4.5%), while those of fresh fish rebounded (+2.9% after ‑0.9%).

Year on year, the prices of manufactured products increased by 0.4% in February 2024, after +0.7% in January. They thus slowed down for the eighth month in a row.

The prices of “other manufactured products” slowed down (+0.7% year-on-year after +1.1%), notably those of non-durable household goods (+1.5% after +2.9%) and glassware, tableware and household utensils (+2.4% after +3.1%). The prices fell back for furniture and furnishings (‑0.2% after +0.5%), while they decreased more markedly for major household appliances (‑2.4% after ‑2.0%) and games, toys and hobbies(‑3.7% after ‑3.0%). Contrariwise, the prices of vehicles decreased less than in previous month (‑0.4% year-on-year after ‑0.6%).

The prices of clothing and footwear accelerated over a year (+0.9% after +0.4%) Those of health products decreased year-on-year at a slightly faster rate thanin the previous month (‑1.3% year-on-year after ‑0.9%).

Year on year, service prices increased by 3.2% in February 2024, as in January. The prices of transport slowed down (+2.8% after +3.8%), notably airfares (+6.0% after +8.7%), prices of transport by train (+2.8% after +4.0%) and by road (+0.8% after +1.1%). The prices of rents, water and household refuse collection slightly slowed down (+2.9% after +3.0%). The prices of “other services” also slowed down (+4.0% after +4.1%), notably those of catering (+4.1% after +4.5%) and maintenance and repair of the dwelling (+2.7% after +3.2%); contrariwise, they accelerated for social protection (+4.0% after +3.6%), insurance services (+8.0% after +7.4%) and accommodation services (+2.2% after +2.1%).

The prices of health services accelerated (+1.6% after +1.1%). Finally, the fall in prices for communication services softened (‑4.1% after ‑5.0%).

Year on year, the prices of energy rose by 4.3% in February 2024, after +1.9% in January. This acceleration in energy prices over a year is explained both by a sharp rise in prices over a month, but also by a “base effect” (prices had risen at a slower rate between January and February 2023). The prices of petroleum products decreased at a slower rate than in the previous month (‑2.3% year-on-year after ‑6.7%) notably for diesel (‑2.0% after ‑8.7%), petrol (‑3.1% after ‑3.6%) and liquid fuel (‑2.1% after ‑9.9%). The prices of electricity increased sharply again (+23.1% after +23.2%): the one-month price increase in February 2024 (+9.3%) due to the partial restoration of taxes was roughly equivalent to the increase in regulated tariffs one year earlier. Finally, gas prices fell at a faster rate than in January (-7.6% year-on-year after -2.6%), as did solid fuel prices (-12.1% after -11.4%).

Compared to the provisional estimates published on 29 February 2024, the monthly change in the HICP is confirmed; its annual change has been revised upwards by 0.1 points. The month-on-month and year-on-year changes in CPI have been revised upwards by 0.1 points.