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Consumer prices remained stable in October 2014; they rose by 0.5% year-on-year

Prices index – October 2014

Monthly change: 0.0%; Year-on-year: +0.5%

The Consumer Prices Index (CPI) was stable in October 2014, after a decline by 0.4% during the previous month. Seasonally adjusted, it also remained unchanged after a decrease by 0.1% in September. Year-on-year, the CPI grew by 0.5% in October 2014, up from September (+0.3%). Excluding tobacco, the CPI increased by 0.4%, year-on-year.

The stability of the CPI in October masked divergent moves across the different items of consumption: food prices were again on the rise, due to unprocessed fresh foodstuffs while, seasonally, service prices were slightly up. Conversely, the prices of manufactured products declined in October and those of energy, especially those of petroleum products, went on falling.

Prices of fresh foodstuffs continued to recover

In October 2014, food prices rose again, increasing by 0.4% as in September. They were almost stable year-on-year in October 2014 (—0.1%, up from —0.6% in September). Their increase was broadly due to a new large rise in the prices of fresh foodstuffs (+3.6% in October after +4.9% in September; +1.5% year-on-year). In particular, the seasonal increase in fresh fruit prices in October (+8.6%; —1.7% year-on-year) was compounded by an upturn in those of fresh vegetables (+0.5%; +4.9% year-on-year). Excluding unprocessed products, food prices continued declining; they diminished by 0.1% in October (after —0.2% in September) and by 0.4% year-on-year, as in August and September 2014.

Detailed figures for various groups
base 100: year 1998
Source : Insee - Consumer Price Indexes
Weight Index Percentage change
Items 2014 Oct. 2014 m-on-m change y-on-y change
a) All households - France
All items (00 E) 10000 127.84 0.0 0.5
All items SA (00 C) 10000 128.02 0.0 0.4
Food (4000 E) 1653 131.81 0.4 -0.1
Fresh food (4001 E) 210 140.61 3.6 1.5
Food excluding fresh products (4002 E) 1443 130.56 -0.1 -0.4
Tobacco (4034 E) 204 258.61 0.0 3.5
MANUFACTURED PRODUCTS (4003 E) 2653 100.58 -0.2 -0.8
Clothing and footwear (4004 E) 438 111.82 -0.1 0.3
Medical products (4005 E) 434 78.16 0.0 -2.9
Other manufactured products (4006 E) 1781 103.59 -0.2 -0.6
ENERGY (4007 E) 850 176.14 -0.4 -1.2
Petroleum products (4008 E) 475 196.53 -1.7 -3.6
SERVICES (4009 E) 4640 135.88 0.1 1.5
Actual rentals and services for dwellings (4010 E) 748 142.77 0.7 1.4
Medical services (4011 E) 552 122.45 0.5 0.4
Transport and communication services (4012 E) 503 95.84 0.4 -0.5
Other services (4013 E) 2837 146.32 -0.2 2.2
ALL ITEMS EXCLUDING RENTALS AND TOBACCO (5000 E) 9202 125.25 0.0 0.4
ALL ITEMS EXCLUDING TOBACCO (4018 E) 9796 125.92 0.0 0.4
b) Manual or clerical worker headed urban households - France
ALL ITEMS EXCLUDING TOBACCO (4018 D) 9707 125.69 0.0 0.4
ALL ITEMS (00 D) 10000 128.49 0.0 0.4
c) Households that belong to the lowest equivalized disposable income quintile - France
ALL ITEMS EXCLUDING TOBACCO (4018 Q) 9679 126.97 0.0 0.3
Detailed figures for Core inflation* and HICP**
* ISJ : Core inflation indicator excludes public sector prices, the most volatile consumer prices and the tax measures. Seasonally adjusted, this index is calculated for all households in France excluding overseas departments and territories (base 100 1998).
**HICP : Harmonised Indices of Consumer Prices are inflation figures designed for international comparison of consumer price inflation between Member states of the European Union. This index is calculated for all households in France (base 100 2005).
Source: Insee - Consumer Price Indexes
Weight Index Percentage change
Items 2014 Oct. 2014 m-o-m change y-o-y change
All items "Core inflation" (4022 S) 6053 122.42 0.0 0.0
Food excluding fresh products, meat, milk and exotic products (4019 S) 713 124.49 -0.1 -1.0
Manufactured products (4020 S) 2162 104.72 -0.1 -0.8
Services including actual rentals and services for dwellings (4021 S) 3178 139.42 0.0 0.8
All items HICP (00 H) 115.58 0.0 0.5

Consumer price index (IPC) and Core inflation (ISJ) – year-on-year changes

Consumer price index (IPC) and Core inflation (ISJ) – year-on-year changes

Source : Insee - Consumer Price Indexes

Slight increase in service prices

In October 2014, service prices rose slightly (+0.1%; +1.5% year-on-year as in September) due to the seasonal increase of the prices of housing and dwelling services (with the application of winter rates for collective heating), air fares (+3.0%; 0% year-on-year) and package holidays (+6.5%; +0.6% year-on-year). On the

other hand, prices of restaurant and hotel services decreased seasonally in October (—0.4%; +2.6% year-on-year) as well as rents of vacation residences (—8.9%; +1.8% year-on-year). Moreover, telecommunication tariffs remained almost stable during the last months. In addition, service charges for insurance decreased again in October (-0.8% after —1.0% in September; +2.4% year-on-year) due to promotion campaigns.

Manufactured product prices decreased

In October 2014, prices of manufactured products went down by 0.2% (—0.8% year-on-year). Seasonally, prices of plants and flowers fell in October (—6.6%; +1.9% year-on-year). Prices of clothing and footwear declined modestly (—0.1%; +0.3% year-on-year), the mild temperatures at the beginning of automn having had an adverse effect on prices of clothes (—0.4% in October 2014). Health product prices held steady in October but fell year-on-year (—2.9% as in September). Moreover, the drop in prices of high tech products continued: —0.5% for audiovisual, photographic and information processing equipment (—6.8% year-on-year) and —1.3% for telephone and telefax equipment (—15.8% year-on-year).

New decline in energy prices

Energy prices decreased by 0.4% in October 2014 (—0.2% in September and —0.8% in August) due to a new drop in petroleum product prices (—1.7% after —0.3% in September and —1.1% in August; —3.6% year-on-year). Compared to October 2013, the fall is marked for motor fuels (—3,2%) and ever more for heating fuels (—7.1%). On the contrary, prices of town gas bounced back sharply in October 2014 (+4.0%; +0.2% year-on-year). Electricity prices remained steady in October (+2.7% year-on-year).

Core inflation stable in October 2014

The core inflation indicator (ISJ) stayed steady in October 2014. Year-on-year, core inflation (ISJ) remained at 0% for the second month in a row. The Harmonized Index of Consumer Prices (HICP) stabilized between September and October 2014; it accelerated slightly year-on-year (+0.5% after +0.4% in September 2014).

Informations Rapides

n° 257 - November 13, 2014

Consumer price index - October 2014

Next issue December 11, 2014 08:45 - November 2014

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