12 October 2011

2011- n° 249

In September 2011, the consumer price index decreased: —0.1% Consumer price index - final results - September 2011

In September 2011, the consumer price index (CPI) decreased by 0.1%, after an increase by 0.5% in August. The year-on-year change was +2.2% in September. The price index without tobacco decreased also by 0.1% in September 2011 (+2.2% year-on-year).

Adjusted from seasonal variations, the monthly change increased by 0.1% (+2.3% year-on-year).

The decline of CPI of September resulted mainly from the decrease of prices of services, at the end of the summer period, decrease, which was not totally compensated by the seasonal increase of prices of manufactured products linked with the end of summer sales and by the growth of prices of energy products. Moreover, because of the seasonal rise of prices of fresh products, prices of food products were increasing.

For seasonal reasons, prices of services decreased in September 2011 (—1.1%; +1.5% year-on-year; —0.8% in September 2010).

In September 2011, prices of manufactured products increased for seasonal reasons (+1.1%; +0.1% year-on-year; +0.7% in September 2010).

Prices of food products went up slightly in September 2011 (+0.2%; +3.1% year-on-year). This rise is essentially attributable to the seasonal growth of prices of fresh products (+1.0%; +1.3% in September 2010; +0.1% year-on-year).

In September 2011, prices of energy products were growing (+0.7%), after a rise by 0.4% in August. Year-on-year, they were increasing by 12.1%.

Core-inflation (ISJ) was steady in September 2011 (+1.1% year-on-year). The harmonised consumer price index (HCPI) was also steady in September 2011 (+2.4% year-on-year).