15 April 2015

2015- n° 84

Consumer prices increased by 0.7% in March 2015; they diminished by 0.1% year-on-year Consumer price index - final results - March 2015

In March 2015, the Consumer Price index (CPI) grew by 0.7%, as in February. Year-on-year, consumer prices diminished by 0.1% after -0.3% in February and -0.4% in January.

As in February 2015, the main contributors to the consumer price rise came from the rebound of manufactured product prices after the end of winter sales and tariffs of some services during the school holiday period. Again, petroleum products and fresh foodstuffs have also contributed to the rising consumer prices.

Due to the effects of the introduction this year of an additional week of sales in February, the rebound in prices of manufactured products was, as a direct consequence, higher in March this year than last year (+2.0% versus +1.3% in March 2014). This was especially the case in prices of clothing and footwear (+12.6% versus +10.2% in March 2014; -0.5% year-on-year), household textiles (+2.1% versus +0.2% last year; +1.0% year-on-year), furniture and furnishings (+1.4% versus +0.9% in March 2014; -0.4% year-on-year) and domestic appliances (+0.8% versus +0.4% last year; -1.9% year-on-year). Moreover, prices of vehicles recovered (+0.2% in March as in February; +1.2% year-on-year). On the other hand, prices of medical products continued to drop (-0.7%; -3.2% year-on-year after -3.0% in February). Year-on-year, prices of manufactured products remained on an downward trend (-1.0%).

In March 2015, energy prices increased again, (+1.0% after +2.1%) but fell again year-on-year (-3.7% after -5.3% in February). Prices of petroleum products continued to recover: they grew by 2.9% month-on-month (after +4.7% in February; -8.7% year-on-year) in the wake of the rebound in oil prices measured in euros. In March, the increases in fuels for transport (+3.4%; -7.8% year-on-year) were higher than those of heat fuels (+1.5%; -14.7% year-on-year). Furthermore, gas prices decreased again (-3.3% after -1.2% in February; -1.6% year-on-year) while electricity tariffs remained unchanged (+4.3% year-on-year).

In March 2015, service prices remained broadly stable; year-on-year, they increased by 1.1% after +1.3% in February. Prices of some services related to winter holidays rose seasonally by +5.8% for accommodation services (-0.7% year-on-year) and by 4.4% for package holidays (-1.9% year-on-year). These increases were almost offset by the seasonal fall of airfares (-2.3%; +0.7% year-on-year).

In March 2015, food prices rose again (+0.2% as in February; +0.1% year-on-year), as prices of fresh foodstuffs have continued to increase (+2.3% after +1.3% in February; +5.1% year-on-year). This increase mainly stemmed from the seasonal rise in fresh fruit prices (+5.8% in March; +0.9% year-on-year). Moreover, prices of fresh vegetables were much higher this year (+9.4% year-on-year after +9.1%) because of less favourable weather conditions than last year. Excluding fresh products, prices of the other food products tend to decline (-0.1%; -0.6% year-on-year). With the exception of meat (+0.2%), fish and seafood (+1.1%) and alcoholic beverages (+0.6%) which prices grew slightly year-on-year, prices of other food products were lower in March 2015 compared to March 2014.

In March 2015, the core inflation indicator (ISJ) grew by 0.1% (after +0.2% in February). Year-on-year, it grew by 0.2%. The harmonized Index of Consumer Prices (HICP) increased by 0.7% in March and was stable year-on-year (after -0.3% in February).