13 March 2013

2013- n° 58

The Consumer Prices Index increased by 0.3% in February 2013; it rose by 1.0% year-on-year Consumer price index - final results - February 2013

In February 2013, the Consumer Price index (CPI) increased by 0.3%, after a decline by 0.5% in January. Year-on-year, it slowed down, increasing by 1.0% in February after +1.2% in January and +1.3% in December 2012. Excluding tobacco, the CPI went up also by 0.3% in February (+0.9% year-on-year). Seasonally adjusted, it stabilized in February and rose by 1.1% year-on-year (after +1.2% in January). The largest upward pressures on the change in the CPI of February came from seasonally upturns in service prices and, in addition, from new increases in petroleum product prices. The manufactured product prices and those of food slowed down in February 2013.

Prices of certain kind of services are always dynamic in February, linked with the winter holidays. In 2013, these ones were later and they contributed less than last year to the rise in prices of services in February this year. Thus, the holyday accomodation rates rebounded less this year in February (+17.2% ; +30.8% in 2012 and +2.4% year-on-year). It was the same with the package travel prices (+6.5% in February 2013 after +9.8% in February 2012; +1.8% year-on-year) and with the restaurant and hotel tariffs (+1.0% after +1.6% in February 2012; + 2.1% year on year). For the same reason, air fares went down in February 2013 (—2.7% against +1.6% in February 2012; —1.5% year on year). In addition, prices of telecommunication services slipped again in February (—2.8% in January 2013; —15.9% year on year) due to more favorable new mobile rates. Furthermore, tolls and parkings fees, usually revised in February, increased by less they did last year (+1.3% between January 2013 and February 2013, compared with +1.8% a year ago; +2.0% year-on-year). Overall, services rates are less dynamic this year in February than last year, rising 0.2% and 1.0% year-on-year (+ 1.2% in January).

In February 2013, the energy prices rose again substantially (+1.5% ; +2.4% year-on-year) as a consequence of a new increase in petroleum product prices (+2.5% in february; +0.2% year-on-year) in the wake of the upward trend in crude oil prices. Thus, liquid fuel prices went up by 2.8% in February 2013 (—0.5% year-on-year) and those of fuels for transport rose by 2.6% (stable year-on-year). The electricity prices were unchanged in February (+5.9% year-on-year) while those of town gas, now monthly reviewed, decreased slightly in February (—0.5% ; +6.1% year-on-year).

The prices of manufactured products increased by 0.1% in Februray 2013 (—0.2% year-on-year). The clothing and footwear prices slipped again in February (—0.4%, after —11.3% in January), due to lower price this year at the end of winter sales in Metropolitan France; they slowed down year-on-year in February (+0.3% after +0.7% in January). In the same way and dispite the end of winter sales, the decline in the prices of the audio-visual, photographic and information processing equipments continued in February (—0.3% ; —7,2% year on year). Conversely, furniture prices increased by 0.4% after the end of the winter sales (+1.0% year-on-year). It was the same for those of household textiles which rose by by 2.6% in February (+4.3% year-on-year). Moreover, the fall in health product prices continued in February (—0.1%; —3.8% year-on-year).

Food prices rose slightly in February 2013 (+0.1%, after —0.1% in January). Year-on-year; they slowed down, the gowth rate decreased to 1,7 % after 2.1% in january and 2.3% in December. The fresh foodstuff prices were up by 0.4% in February (+5,6% year-on-year), due to the dynamism of the fresh fruit prices (+2.7% ; +11.5% year-on-year) while fresh vegetable prices went down by 0.5% in February and their year-on-year growth rate was reduced to +0.5% in February. Excluding fresh products, food prices increased moderately in February (+0.1% ; +1.1% year-on year). The upward pressures came only from meat prices which remained dynamic (+0.3% in February 2013; +2.7% year-on-year) and from alcoholic beverages (+0.6% in February; + 3.4% year-on-year). These price increases are directly connected with the increases of the excise duties from the 1^st of January. In particular, they explained the still large growth of beer prices in February (+3.1% after +7.5% in January ; +11.5% year-on-year).

Core inflation indicator (ISJ) fell by 0.2% in February 2013 (+0.6% year-on-year, after +0.8% in January). The harmonized Index of Consumer Prices (HICP) rose by 0.3% (+1.2%. year on year).