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Consumer prices increased by 0.7% in March 2016; year-on-year, they were down 0.1%

Prices index – March 2016

Monthly change: +0.7%; Year-on-year: -0.1%

In March 2016, the Consumer Prices Index (CPI) grew by 0.7% after +0.3% in February. Seasonally adjusted, it increased by 0.1% after a drop by 0.2% in the two previous months. Year-on-year, the CPI diminished by -0.1% after -0.2% in February.

As every year in March, consumer prices were mainly driven up by manufactured products whose prices recovered after winter sales. Furthermore, this year energy prices bounced back, especially for petroleum products, and food prices strenghtened. Rise in service prices remained moderate.

Seasonal rebound in manufactured product prices

After the end of the winter sales in February in most French departments, manufactured product prices continued to recover sharply in March (+1.9% after +1.0%; -0.2% year-on-year), particularly in clothing and footwear (+11.9%; +0.2% year-on-year). To a lesser extent, this effect also contributed to the rise in prices of other products: furniture and furnishings (+1.8%; +1.0% year-on-year), household textiles (+2.5%; +1.3% year-on-year), sport equipment (+3.0%; +1.3 % year-on-year) and travel goods (+4.5% +0.3% year-on-year). Conversely, some durable goods were subject to sales promotion in March 2016. As a result, prices of household appliances expanded less in March 2016 (+0.3%) than in March 2015 (+0.8%); over one year, they fell overall by 1.4% (after -0.8% in February).

Detailed figures for various groups
2015: 100
*: seasonally adjusted
Geographical coverage: France excluding Mayotte
Source: INSEE - Consumer Price Indexes
Items Weight Index Percentage change
2016 March 2016 m-on-m change y-on-y change
a) All households
OverAll 10000 100.02 0.7 -0.1
Overall SA* 10000 99.79 0.1 -0.2
Food 1615 100.36 0.5 0.4
Fresh food 217 102.19 3.6 1.6
Other food 1398 100.07 0.0 0.2
Tobacco 195 100.06 0.0 0.0
Manufactured products 2651 100.66 1.9 -0.2
Clothing and footwear 414 104.03 11.9 0.2
Medical products 466 97.88 -0.2 -3.2
Other manufactured products 1771 100.51 0.4 0.4
Energy 773 94.89 0.9 -6.9
Petroleum products 419 90.27 2.5 -13.2
Services 4766 100.43 0.1 0.9
Actual rentals and services for dwellings 768 100.60 0.0 0.5
Medical services 598 100.26 0.0 0.4
Transport 279 96.22 -0.5 -1.4
Communication 245 100.59 0.7 0.8
Other services 2876 100.82 0.2 1.3
Total except rents and tobacco 9183 100.00 0.8 -0.2
Total except tobacco 9805 100.02 0.7 -0.1
b) Urban working-class households or households of employees
All products excluding tobacco 9704 100.01 0.8 -0.1
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9696 99.82 0.7 -0.3

Upturn in energy prices

After nine consecutive months of decline, energy prices were up 0.9% in March 2016, due to higher oil prices (+2.5%), chiefly heating fuels (+4,8%) and diesel fuel (+3.4%) in the wake of the upturn in crude oil prices. In contrast, natural gas and mains gas prices decreased in March (-3.0%). Electricity prices were unchanged. Year-on-year, energy tariffs weakened by 6.9%; those of petroleum products by 13.2% .

Growth in food prices

In March 2016, food prices rose by 0.5% over the month, mainly owing to fresh foodstuffs (+3.6%). For the second month in a row, prices of other food products were stable over the month and were 0.2% higher than in the same month one year ago.

Slight increase in service prices

Service prices edged up in March 2016 (+0.1%; +0.9% year-on-year after +0.8% in February), above all as a result of the seasonal increase in accommodation prices. This one is sharper this year (+3.1%; +1.8% year-on-year) than last year (+2.0%), following the shift of the school holiday calendar for Zone C in 2016. Similarly, transport prices dropped less in March 2016 (-0.5%) than they did a year before (-0.9%); year-on-year, they declined (-1.4% after -1.8% in February 2016). Moreover, mobile telephone service prices recovered (+1.6%; +0.5% year-on-year)

Core inflation remained subdued

In March 2016, the core inflation indicator (ISJ) grew by 0.1% month-on-month and by 0.6% year-on-year after 0.7% in February. The Harmonised Index of Consumer Prices (HICP) increased by 0.8% over one month and, as the CPI, slipped 0.1% over one year.

Consumer price index (CPI), core inflation (ISJ)* and Harmonised Indices of Consumer Prices (HICP)** year-on-year changes

Consumer price index (CPI), core inflation (ISJ)* and Harmonised Indices of Consumer Prices (HICP)**  year-on-year changes
Detailed figures for Core inflation* and HICP**
2015: 100
* 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. (in French “indice d'inflation sous-jacent - ISJ)
**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 (excluding Mayotte)
Source: INSEE - Consumer Price Indexes
Items Weight Index Percentage change
2016 March 2016 m-on-m change y-on-y change
Core inflation - All items 6075 100.43 0.1 0.6
Food excluding fresh products, meat, milk and exotic products 735 99.94 -0.1 -0.1
Manufactured products 2136 100.42 -0.1 0.3
Services including actual rentals and services for dwellings 3204 100.56 0.0 1.0
HICP - All items 100.07 0.8 -0.1

Revisions

Compared to the provisional estimates released on 31 March 2016, the annual rate of change in the CPI has been slightly revised upward (+0.1 percentage points to -0.1% instead of -0.2%).

Informations Rapides

n° 96 - April 13, 2016

Consumer price index - final results - March 2016

Next issue May 12, 2016 08:45 - April 2016

For further information

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