23 February 2011

2011- n° 48

In January 2011, decrease of the consumer price index: —0.2% Consumer price index - final results - January 2011

In January 2011, the consumer price index (CPI) decreased by 0.2% (+1.8% year-on-year), after a rise by 0.5% in December (also +1.8% year-on-year).

The price index without tobacco decreased also by 0.2% in January (+1.7% year-on-year).

Adjusted from seasonal variations, the monthly change went up by 0.3% (+1.8% year-on-year).

This decline of the prices in January came mainly from this of the prices of manufactured products, linked with the winter sales. It was lightened by the important increase of the prices of energy products: growth of the prices of oil products and rise of the electricity rates.

In January 2011, the prices of manufactured products were decreasing (—1.5%; —1,9% in January 2010; +0.2% year-on-year).

In January 2011, the energy prices rose once again (+3.7%, after +1.9% in December; +13.7% year-on-year). This rise reflected at the same time the increase of electricity taxes (+3.1%; +6.4% year-on-year) and the growth of the prices of oil products (+4.8%; +17.0% year-on-year).

The prices of services decreased slightly in January 2011 (—0.1%; +1.3% year-on-year), decreases and increases made almost up for another end.

The prices of food products slightly weakened in January 2011 (—0.1%; +0.1% year-on-year). After four months of growth, the prices of fresh products dropped in January (—1.9%; —0.4% year-on-year): prices of fresh vegetables went down (—2.2%, after +5.0% in December; —3.6% year-on-year). As for the prices of fresh fruits, they continued to decrease (—2.4%, after —2,5 % in December; +1.3% year-on-year). The prices of food products except fresh products were increasing slightly (+0.1%; +0.1% year-on-year).

Core-inflation (ISJ) was slightly decreasing in January 2011 (—0.1%; +0.7% year-on-year, like in December 2010). The harmonised consumer price index (HCPI) went down by 0.3% (+1.9% year-on-year).