13 May 2015

2015- n° 116

Consumer prices increased by 0.1% in April 2015; over March and year-on-year Consumer price index - final results - April 2015

In April 2015, French consumer prices rose slightly (+0.1% after +0.7% in March). Year-on-year, they also increased by 0.1% after having diminished for three months in a row (-0.1% in March, -0.3% in February and -0.4% in January).

The slight rise in consumer prices in April 2015 was due mainly to increases, partially seasonal, in prices of some services and manufactured products and to firmer petroleum product prices. Overall, food prices remained flat.

Prices of manufactured goods increased slightly in April 2015 (+0.1%) but remained on a downward trend year-on-year (-0.9%). For clothing and footwear, the introduction of new collections was accompanied by price increases as every year in April (+0.6%; -0.5% year-on-year as in March). Prices of many other products grew significantly, as audio-visual, photographic and information processing equipments (+0.6%; -5.1% year-on-year), jewellery, clocks and watches (+0.9%; +1.1% year-on-year), bedding (+1.8%; -0.1% year-on-year), furniture for bedroom (+0.5%; +1.4% year-on-year), plants and flowers (+2.0%; +5.5% year-on-year) as well as periodicals (+0.9%; +3.6% year-on-year). On the opposite, prices of new cars decreased (-0.7%; stable year-on-year) due to promotional offers. Finally, health product prices continued to decrease but at a more moderate pace than during the previous months (-0.1% in April; -2.9% year-on-year after -3.2% in March).

In April 2015, service prices grew slightly (+0.1%; +1.2% year-on-year). As last year, airfares bounced back due to spring holidays (+8.0%; -1.7% year-on-year), as well as rentals for vacation (+1.6%;+1.2% year-on-year). On the other hand, also in a seasonal manner, prices of the other tourism-related services went down in April after their large increase in March, such as prices of accommodation

services (-6.6%; +1.6% year-on-year). Moreover, service charges for insurance rose significantly (+1.2%; +2.3% year-on-year) due to the end of special discounts on vehicle insurance and a sharp rise in complementary health insurances.

In April 2015, energy prices increased again, but in a lesser manner than during the last months (+0.2 % after +1.0% in March and +2.1% in February). Year-on-year, they still decreased by 3.4%. They followed the rise of the petroleum product prices (+0.3% after +2.9%; -8.2% year-on-year), especially those of fuels (+0.5% in April, -7.2% year-on-year). Moreover, gas prices were also up slightly in April (+0.5%; -1.4% year-on-year) while electricity prices were stable (+4.3% year-on-year).

Food prices were flat in April 2015 (+0.3% year-on-year). Prices of fresh foodstuffs remained broadly unchanged in April (+6.2% year-on-year) : prices of fresh vegetables (+0.5%; +9.9% year-on-year) and those of fresh fish and seafood (+2.0%; +6.3% year-on-year) rose again while those of fresh fruits declined seasonally (-1.2%; +2.3% year-on-year). Overall, prices of the other food products (excluding unprocessed food) were also stable in April 2015 (-0.6% year-on-year) with, although, varying trends according to groups of products : prices of milk, cheeses, eggs, vegetable preparations and mineral waters declined again while those of wines continued to increase.

In April 2015, the core inflation indicator (ISJ) grew by 0.1%, as in March. Year-on-year, it increased by 0.4% (after +0.2% in March). The harmonized Index of Consumer Prices (HICP) was up 0.1% in April over a month and year-on-year (after 0.0% year-on-year in March).