10 December 2015

2015- n° 300221

Consumer prices decreased by 0.2% in November 2015; they were stable year-on-year Consumer price index - final results - November 2015

In November 2015, the Consumer Price Index (CPI) fell back, decreasing by 0.2% after a rise by 0.1% in October. Seasonally adjusted, it was down 0.1% over the month. Year-on-year, consumer prices remained unchanged, after a slight growth in October (+0.1%).

Decreases, partially seasonal, in prices of transport services and fresh foodstuffs, as well as a further drop in energy prices were the main contributors to the decline in CPI in November. Prices of manufactured products also diminished slightly in November.

In November 2015, prices of services were down 0.2% (–0.1% in November 2014; +1.2% year-on-year) mainly due to the decrease in prices of transport and services related to tourism. Prices of transport dropped, pulled down, partly in a seasonal manner, by lower airfares (–8.4%; –3.5% year-on-year) and, in a lesser extent, because of free public transport in the Île de France Region during two days. Prices of accommodation services decreased seasonally (–1.8%; +0.9% year-on-year), as well as holiday rentals (–1.6%; –0.3 year-on-year) and package holidays (–1.0%; +3.1% year-on-year). Prices of the other services remained broadly stable.

In November 2015, energy prices were down for the sixth month in a row (–0.5%; –6.0% year-on-year) mainly due to a further decrease in prices of petroleum products (–0.9%; –11.9% year-on-year). Thus, prices of motor fuels continued to decline (–0.7% in November; –10.9% year-on-year) as those of heating fuels (–2.3%; –19.2% year-on-year). In addition, prices of town gas diminished again (–0.2%; –7.2% year-on-year). Electricity rates remained stable from September onwards (+4.2% year-on-year).

In November 2015, food prices decreased slightly (–0.2% after +0.5%; +0.8% year-on-year) due to the general drop in fresh foodstuff prices (–2.0%; +5.4% year-on-year), sharper for fresh fruits (–2.8%; +6.4% year-on-year) than for vegetables (–1.8%; +6.9% year-on-year). For those products, mild temperatures have stimulated supply. Prices of fresh fishes and seafood were also down (–0.6%; –0.1% year-on-year). Excluding fresh products, the rise in food prices remained very modest, as in October (+0.1% over the month and year-on-year).

In November 2015, prices of manufactured products were slightly down (–0.1%; –0.6% year-on-year). Prices of games and toys dropped seasonally (–2.5%; –0.2% year-on-year). For other products, discounts were granted, in particular new cars (–0.8%; +3.1% year-on-year) and bedding (–0.3%; –0.4% year-on-year). Prices of audiovisual, photographic and information processing equipment fell back in November (–0.8%; –2.4% year-on-year) after being stable in October. Besides, prices of medical product continued to decline at a fast pace (–0.4%; –4.1% year-on-year). On the opposite, as every year in November, prices of plants and flowers rose significantly (+9.7%; +1.3% year-on-year). Finally, prices of clothing and footwear went up slightly in Novembre 2015 (+0.2%) but stayed down year-on-year (–0.5%).

In November 2015, the core inflation indicator (ISJ) was stable after a slight increase in October. Year-on-year, it grew by 0.7%, as in October. The Harmonized Index of Consumer Prices (HICP) fell back (–0.2% after +0.1%). Year-on-year, it was up 0.1%, after +0.2% in October.