12 August 2011

2011- n° 202

In July 2011, the consumer price index decreased : —0,4% Consumer price index - final results - July 2011

In July 2011, the consumer price index (CPI) decreased by 0.4%, after an almost steadiness in June (+0.1%). The year-on-year change was +1.9% in July.

The price index without tobacco decreased also by 0.4% in July 2011 (+1.9% year-on-year).

Adjusted from seasonal variations, the monthly change decreased by 0.1% (+2.0% year-on-year).

The drop of CPI of July resulted mainly from the decrease of prices of clothing and footwear and other manufactures, with the summer sales and from the weakening of prices of fresh products. Those rises were partly counterbalanced by the seasonal increase of services linked with tourism, some price lists rises and the growth of prices of food products except fresh products. Prices of energy products are steady, the increase of electricity rates were compensated by the decrease of prices of oil products.

In July 2011, prices of manufactured products decreased by 2.6% (—0.8% year-on-year; —1.6% in July 2010).

For seasonal reasons, prices of services increased in July 2011 (+0.8%; +1.9% year-on-year; +0.7% in July 2010).

Prices of food products went down slightly in July 2011 (—0.2%; +2.1% year-on-year). This weakness is essentially attributable to the seasonal decline of prices of fresh products (—4.3%; —3.7% year-on-year). Prices of food products except fresh products were increasing by

0.5% in July (+3.0% year-on-year), after a rise by 0.4% in June.

In July 2011, prices of energy products were steady. Year-on-year, they were increasing by 11.5%. In July 2011, the growth of electricity rates (+1.4%; +7.9% year-on-year) was counterbalanced by the decrease of prices of oil products (—0.6%, after —0.8% in June; +14.6% year-on-year), in the wake of prices of oil products.

Core-inflation (ISJ) was declining in July 2011 (—0.2%). Year-on-year, the core-inflation indicator was slowing down, from +1.2% in June 2011 to +0.9% in July 2011. The harmonised consumer price index (HCPI) went down by 0.5% (+2.1% year-on-year).