In November 2014, the Consumer Prices Index (CPI) decreased by 0.2% after it stayed steady during the previous month. Seasonally adjusted, it went down by 0.1% in November 2014. Year-on-year, the CPI grew by 0.3%, down from 0.5% in October 2014. Excluding tobacco, the CPI increased also by 0.3%, year-on-year.
In addition to a seasonal decrease in prices of some services, the decline in the CPI in November 2014 came mainly from a sharp drop in prices of manufactured product as well as a new reduction in energy prices, notably for those of petroleum products. Moreover, if food prices remained broadly stable in November 2014, those of unprocessed fresh foodstuffs declined again.
In November 2014, prices of manufactured products decreased by 0.3% (after —0.2% in October; —1.2% year-on-year), mainly, due to promotions or discounts. Overall, prices of new cars fell by 2.5% in November 2014 (+0.1% year-on-year), those of audiovisual, photographic and information processing equipment by 0.8% (—7.3% year-on-year). Moreover, prices of some products decreased seasonally: those of household appliances (—0.3%; —2.5% year-on-year) as well as those of games and toys (—2.2%; —1.6% year-on-year). Furthermore, prices of medical products went down sharply in November (—0.5%; —3.0%) after the revision of the flat-rate tarifs applicable to reimbursed medicinal products. On the other hand, as every year, prices of plants and flowers increased in November (+8.4%; —0.6% year-on-year). Finally, clothing and footwear prices stabilized in November 2014 (+0.2% year-on-year).
|base 100 : année 1998|
|Source : Insee - Consumer Price Indexes|
|Items||2014||Nov. 2014||m-on-m change||y-on-y change|
|a) All households - France|
|All items (00 E)||10000||127.62||-0.2||0.3|
|All items SA (00 C)||10000||127.87||-0.1||0.3|
|Food (4000 E)||1653||131.79||0.0||-0.2|
|Fresh food (4001 E)||210||139.94||-0.5||0.9|
|Food excluding fresh products (4002 E)||1443||130.63||0.1||-0.4|
|Tobacco (4034 E)||204||258.61||0.0||3.5|
|MANUFACTURED PRODUCTS (4003 E)||2653||100.31||-0.3||-1.2|
|Clothing and footwear (4004 E)||438||111.80||0.0||0.2|
|Medical products (4005 E)||434||77.76||-0.5||-3.0|
|Other manufactured products (4006 E)||1781||103.31||-0.3||-1.1|
|ENERGY (4007 E)||850||175.13||-0.6||-1.1|
|Petroleum products (4008 E)||475||191.19||-2.7||-5.1|
|SERVICES (4009 E)||4640||135.73||-0.1||1.5|
|Actual rentals and services for dwellings (4010 E)||748||142.87||0.1||1.5|
|Medical services (4011 E)||552||122.53||0.1||0.4|
|Transport and communication services (4012 E)||503||95.1||-0.8||-0.1|
|Other services (4013 E)||2837||146.21||-0.1||2.1|
|ALL ITEMS EXCLUDING RENTALS AND TOBACCO (5000 E)||9202||125.01||-0.2||0.2|
|ALL ITEMS EXCLUDING TOBACCO (4018 E)||9796||125.70||-0.2||0.3|
|b) Manual or clerical worker headed urban households - France|
|ALL ITEMS EXCLUDING TOBACCO (4018 D)||9707||125.51||-0.1||0.3|
|ALL ITEMS (00 D)||10000||128.32||-0.1||0.4|
|c) Households that belong to the lowest equivalized disposable income quintile - France|
|ALL ITEMS EXCLUDING TOBACCO (4018 Q)||9679||126.77||-0.2||0.2|
|* ISJ : Core inflation indicator excludes public sector prices, the most volatile consumer prices and 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|
|Items||2014||Nov. 2014||m-o-m change||y-o-y change|
|All items "Core inflation" (4022 S)||6053||122.33||-0.1||-0.2|
|Food excluding fresh products, meat, milk and exotic products (4019 S)||713||124.43||0.0||-1.0|
|Manufactured products (4020 S)||2162||104.50||-0.2||-1.2|
|Services including actual rentals and services for dwellings (4021 S)||3178||139.40||0.0||0.8|
|All items HICP (00 H)||115.39||-0.2||0.4|
Consumer price index (IPC) and Core inflation (ISJ) – year-on-year changes
Source : Insee - Consumer Price Indexes
Energy prices diminished by 0.6% in November 2014 (after —0.4% in October 2014; —1.1% year-on-year). This new decline came only from a drop in prices of petroleum products (—2.7% after —1.7% in October and —0.3% in September; —5.1% year-on-year). Thus, the prices of motor fuels went down by 2.7% in November (—4.6% year-on-year) and those of heating fuels by 3.5% (—9.3% year-on-year). On the contrary, prices of town gas
increased again in November (+2.2% after +4.0% in October; +1.8% year-on-year) while electricity tarifs were upwardly revalued by 2.0% in November (+4.8% year-on-year).
In November 2014, service prices declined slightly (—0.1%; as in November 2013; +1.5% year-on-year) mainly due to the seasonal decrease of the prices airfares (—5.5%; +1,9% year-on-year). The prices of other services related to tourism also went down in November 2014, in particular those of package holidays (—4.5%; +0.5% year-on-year), prices of restaurant and hotel services (—0.2%, after —0.4% in October; +2.4% year-on-year) as well as rents of vacation residences (—0.3%; +0.9% year-on-year). On the contrary, telecommunication tariffs increased by 0.5% in November 2014 (—3.4% year-on-year).
Food prices remained broadly stable in November 2014 but they declined by 0.2% compared with the same month one year ago (—0.1% year-on-year in October 2014). Following two straight months of clear increases (+3.6% in October and +4.9% in September), prices of unprocessed fresh foodstuffs declined slightly in November (—0.5%; +0.9% year-on-year). Seasonally, prices of fresh fruits dropped by 1.9% (+0.3% year-on-year) while those of fresh vegetables remained sluggish (+0.2%; +0.3% year-on-year). On the opposite, prices of fresh fish and seafood increased by 1.5% in November (+3.6% year-on-year). Excluding unprocessed fresh products, food prices were up slightly (+0.1%) in November but stayed in decline, for the fourth month in a row (—0.4% year-on-year).
In November 2014, the core inflation indicator (ISJ) declined by 0.1% compared with October 2014 and by 0.2% compared with November 2013. It is the first time that the core inflation is negative since this indicator has been measured (computed from 1990). The Harmonized Index of Consumer Prices (HICP) was down 0.2% between October and November 2014; its annual rate of change stood at +0.4%, slightly down from +0.5% in October.
n° 282 - December 11, 2014
Consumer price index - November 2014
Next issue January 14, 2015 08:45 - December 2014
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