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Consumer prices diminished by 0.4% in July 2015; they rose by 0.2% year-on-year

Prices index – July 2015

Monthly change: –0.4%; Year-on-year: +0.2%

The Consumer Price Index (CPI) decreased by 0.4% in July 2015 after –0.1% in June. Seasonally adjusted, it remained stable compared with the previous month and continued to rise slightly year-on-year (+0.2% after +0.3% in June).

The decline in the CPI in july 2015 was due mainly to seasonal falls in manufactured goods prices linked to summer sales, seasonal decreases in fresh foodstuff prices plus a further price reduction in energy. These decreases were partly offset by a rise in prices of some services during the summer holidays.

Fall in manufactured good prices with summer sales

Due to summer sales, prices of manufactured products decreased broadly by 3.1% in july 2015 (–2.9% in July 2014 and –0.9% year-on-year). As every year, prices of clothing and footwear dropped significantly (–14.4%; –1.6% year-on-year), with average discount rates higher this year than last year. Summer sales contributed also to the decrease in prices of other products, but in a lesser extent. This was the case for travel goods and other carriers of personal effects (–4.7%; +1.7% year-on-year), household textiles (–4.0%; –0.5% year-on-year), furniture and furnishings (–3.9%; –0.1% year-on-year), audio-visual, photographic and information processing equipments (–0.7%; –3.4% year-on-year) and domestic appliances (–1.7%; –1.1% year-on-year). Furthermore, the downward trend in prices of medical products continued (–0.4%; –3.6% year-on-year).

Detailed figures for various groups
base 100 : année 1998
Source: INSEE - Consumer Price Indexes
Items Weight Index Percentage change
2015 July 2015 m-on-m change y-on-y change
a) All households - France
All items (00 E) 10000 127.94 -0.4 0.2
All items SA (00 C) 10000 128.12 0.0 0.2
Food (4000 E) 1662 131.95 -0.5 0.4
Fresh food (4001 E) 211 141.86 -4.1 4.6
Food excluding fresh products (4002 E) 1451 130.55 0.0 -0.2
Tobacco (4034 E) 199 259.28 0.0 0.3
MANUFACTURED PRODUCTS (4003 E) 2584 96.9 -3.1 -0.9
Clothing and footwear (4004 E) 437 93.86 -14.4 -1.6
Medical products (4005 E) 427 75.37 -0.4 -3.6
Other manufactured products (4006 E) 1720 103 -0.9 -0.1
ENERGY (4007 E) 815 171.43 -1.2 -4.0
Petroleum products (4008 E) 418 184.17 -1.8 -9.2
SERVICES (4009 E) 4740 139.44 1.2 1.4
Actual rentals and services for dwellings (4010 E) 767 142.84 0.0 0.9
Medical services (4011 E) 568 122.78 -0.2 0.1
Transport and communication services (4012 E) 510 101.44 3.8 2.6
Other services (4013 E) 2895 151 1.3 1.6
ALL ITEMS EXCLUDING RENTALS AND TOBACCO (5000 E) 9192 125.32 -0.4 0.1
ALL ITEMS EXCLUDING TOBACCO (4018 E) 9801 126.02 -0.4 0.2
b) Manual or clerical worker headed urban households - France
ALL ITEMS EXCLUDING TOBACCO (4018 D) 9714 125.86 -0.4 0.2
ALL ITEMS (00 D) 10000 128.67 -0.4 0.2
c) Households that belong to the lowest equivalized disposable income quintile - France
ALL ITEMS EXCLUDING TOBACCO (4018 Q) 9687 127.22 -0.3 0.1
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
Items Weight Index Percentage change
2015 July 2015 m-on-m change y-on-y change
All items "Core inflation" (4022 S) 6042 123.3 0.1 0.7
Food excluding fresh products, meat, milk and exotic products (4019 S) 715 124.65 0.0 -0.1
Manufactured products (4020 S) 2103 103.98 -0.3 -0.4
Services including actual rentals and services for dwellings (4021 S) 3224 141.59 0.3 1.5
All items HICP (00 H) 115.68 -0.5 0.2

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

Energy prices went down again

Energy prices decreased again in July 2015 (–1.2% after -0.5% in June; –4.0% year-on-year), mainly due to the pursuit of the decline in petroleum product prices (–1.8% after –0.8% in June; –9.2% year-on-year). Prices of motor fuels decreased by 1.5% (–8.0% year-on-year) and those of heating fuels by 4.0% (–16.2% year-on-

year). Town gas prices were also down in July (–1.6%; –2.1% year-on-year) while electricity fares stayed steady (+4.3% year-on-year).

Seasonal decrease in food prices

In July 2015, food prices were down 0.5% compared with the previous month (as in July 2014; +0.4% year-on-year) due to the seasonal decrease in prices of fresh foodstuffs (–4.1%; +4.6% year-on-year), in particular those of fresh fruits (–4.4%; +6.1% year-on-year) and fresh vegetables (–5.3%; +3.9% year-on-year). Excluding unprocessed products, food prices remained stable for the fourth month in a row and declined by 0.2% year-on-year (after –0.3% in June). Prices of milk, cheese and eggs (–2.1%) as well as children foods and dietetic products remained sharply down year-on-year (–7.2%); meat prices were up slightly (+0.5% year-on-year in July after +0.3% in June).

Service prices rose seasonally

As every year, service prices grew significantly in July (+1.2% compared with the previous month; +1.4% year-on-year). The main contributors to this seasonal increase were prices of restaurants, cafes and hotels (+2.2%; +1.4% year-on-year), airfares (+19.8%; +3.1% year-on-year), package holidays (+21.4%; +3.4% year-on-year) and holiday rentals (+24.9%; +0.4% year-on-year). Moreover, fares of insurance connected the dwelling were up (+2.1%; +2.9% year-on-year) after the end of dicounts. Finally, telecommunicaton prices declined slightly in July 2015 (–0.2%; +2.0% year-on-year).

Slight increase in core inflation

The core inflation indicator (ISJ) rose by 0.1% in July 2015 after it remained unchanged in June. Year-on-year, it grew by 0.7% (after +0.6% in May and June). The Harmonized Index of Consumer Prices (HICP) decreased by 0.5% compared with June 2015; it increased by 0.2% year-on-year (down from +0.3% in June 2015).

Informations Rapides

n° 193 - August 13, 2015

Consumer price index - July 2015

Next issue September 15, 2015 08:45 - August 2015

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