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The Consumer Prices Index increased by 0.1% in December 2014; they rose by 0.1% year-on-year

Prices index – December 2014

Here are published the monthly and year-on-year rates of change of the Consumer Price indexes in December 2014. The annual average rates of change of the CPI will also be published on 14th January. The annual averages and the year-on-year rates of change are different: the annual averages refer to the whole set of prices oberved during one year compared to those observed during the previous year. The year-on-year price changes refer to the prices observed during a particular month compared to those observed during the same month of the previous year.

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

In December 2014, the Consumer Prices Index (CPI) increased by 0.1% in December 2014 after a decline by 0.2% the previous month. Seasonally adjusted, it went down by +0.1% in December 2014. The CPI grew by 0.1% year-on-year in December 2014, down from +0.3% in November 2014.

In December 2014, the seasonal price increases of some services were largely offset by a new drop in energy prices, especially from petroleum products and, to a lesser extent, by a slight reduction in food product prices.

Seasonal increase in service prices

Overall, service prices grew by 0.6% in December 2014 (+1.6% year-on-year). This increase, higher than last year (+0.5% in December 2013), was largely due to the seasonal increase in services related to tourism. Hence, airfares went up by 13.2% (+1.4% year-on-year), those of package holidays by 10.9% (—1.1% year-on-year) and those of holiday accomodation services by 12.2% (+3.2% year-on-year). As in each year, the refuse collection fees increased in December (+1.9% in 2014; +2.3% in 2013). Besides, insurance tariffs increased significantly in December (+2.3%; +3.0% year-on-year) after the end of special offers in autumn 2014.

Detailed figures for various groups
base 100 : année 1998
Source: INSEE - Consumer Price Indexes
Items Weight Index Percentage change
2014 Dec. 2014 m-on-m change y-on-y change
a) All households - France
All items (00 E) 10000 127.73 0.1 0.1
All items SA (00 C) 10000 127.7 -0.1 0.1
Food (4000 E) 1653 131.69 -0.1 -0.4
Fresh food (4001 E) 210 139.81 -0.1 -0.6
Food excluding fresh products (4002 E) 1443 130.54 -0.1 -0.4
Tobacco (4034 E) 204 258.61 0.0 3.5
MANUFACTURED PRODUCTS (4003 E) 2653 100.39 0.1 -1.2
Clothing and footwear (4004 E) 438 112.5 0.6 0.2
Medical products (4005 E) 434 77.64 -0.2 -3.0
Other manufactured products (4006 E) 1781 103.31 0.0 -1.1
ENERGY (4007 E) 850 170.62 -2.6 -4.4
Petroleum products (4008 E) 475 182.35 -4.6 -10.6
SERVICES (4009 E) 4640 136.58 0.6 1.6
Actual rentals and services for dwellings (4010 E) 748 143.09 0.2 1.5
Medical services (4011 E) 552 122.74 0.2 0.5
Transport and communication services (4012 E) 503 97.17 2.2 -0.2
Other services (4013 E) 2837 147.04 0.6 2.2
ALL ITEMS EXCLUDING RENTALS AND TOBACCO (5000 E) 9202 125.12 0.1 -0.1
ALL ITEMS EXCLUDING TOBACCO (4018 E) 9796 125.81 0.1 0.0
b) Manual or clerical worker headed urban households - France
ALL ITEMS EXCLUDING TOBACCO (4018 D) 9707 125.64 0.1 0.0
ALL ITEMS (00 D) 10000 128.44 0.1 0.1
c) Households that belong to the lowest equivalized disposable income quintile - France
ALL ITEMS EXCLUDING TOBACCO (4018 Q) 9679 126.93 0.1 -0.1
Detailed figures for Core inflation* and HICP**
* 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 comparison between Member states of the European Union. This index is computed for all households in France (base 100 2005).
Source: INSEE - Consumer Price Indexes
Items Weight Index Percentage change
2014 Dec. 2014 m-on-m change y-on-y change
All items "Core inflation" (4022 S) 6053 122.42 0.1 -0.1
Food excluding fresh products, meat, milk and exotic products (4019 S) 713 124.42 0.0 -1.0
Manufactured products (4020 S) 2162 104.33 -0.2 -1.2
Services including actual rentals and services for dwellings (4021 S) 3178 139.76 0.3 0.9
All items HICP (00 H) 115.47 0.1 0.1

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

Fall of energy prices

In December 2014, energy prices dropped markedly (—2.6% after —0.6% in Novembre 2014; —4.4% year-on-year), in the wake of the fall of the prices of petroleum products (—4.6%; —10.6% year-on-year). Prices of motor fuels went down by 4.4% in December (—9.9% year-on-year) and those of heating fuels by 6.8% (—16.7% year-on-year). Moreover, prices of town gas

diminished (—0.7%; +1.2% year-on-year) while electricity rates remained steady (+4.8% year-on-year).

Food prices declined

In December 2014, food prices declined by 0.1% compared to November 2014. Year-on-year, their donwturn accelerated (—0.4%, down from —0.2% in November). The decreases in unprocessed fresh foodstuffs came from those, seasonal, of fresh fruits (—1.3%, +0.8% year-on-year) and those, unusal in December, of fresh fishes and seafood (—1.0%, +1.2% year-on-year). Excluding unprocessed fresh products, food prices decreased also by 0.1% month-on-month and by 0.4% year-on year, as in November. This decline was spread across several product groups and was particularly marked for cereals (—3.0% y-o-y), eggs (—2.5%), sugar, jams, honey, chocolate and confectionery (—2.6%) and non-alcoholic beverages (—1.5%).

Manufactured product prices increased slightly

As in 2013, prices of manufactured products were slightly up in December 2014 (+0.1%) due to the seasonal increase in clothing and footwear prices (+0.6% in December 2014 as in December 2013; +0.2% year-on-year). On the opposite, prices of medical products declined again (—0.2%; —3.0% year-on-year). Prices of other manufactured products remained broadly stable in December (—1.1% year-on-year): the downward trend was still at work for high-tech products (—0.8%; —7.3% year-on-year for audiovisual, photographic and information processing equipments), but this variation was offset by the ends of special offers, especially on furniture and furnishings (+0.7%; +0.3% year-on-year).

Core inflation remained negative in December

In December 2014, the core inflation indicator (ISJ) increased by 0.1%. Its annual rate of change remained slightly negative (—0.1% year-on-year after —0.2% in November). The Harmonized Index of Consumer Prices (HICP) was up 0.1% compared to November and rose also by 0.1 compared to December 2013 (after +0.4% year-on-year in November 2014).

Informations Rapides

n° 6 - January 14, 2015

Consumer price index - December 2014

Next issue February 19, 2015 08:45 - January 2015

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