13 April 2016
2016- n° 96Consumer prices increased by 0.7% in March 2016; year-on-year, they were down 0.1% Consumer price index - final results - March 2016
In March 2016, the Consumer Prices Index (CPI) grew by 0.7% after +0.3% in February. Seasonally adjusted, it increased by 0.1% after a drop by 0.2% in the two previous months. Year-on-year, the CPI diminished by -0.1% after -0.2% in February.
Monthly change: +0.7%; Year-on-year: −0.1%
In March 2016, the Consumer Prices Index (CPI) grew by 0.7% after +0.3% in February. Seasonally adjusted, it increased by 0.1% after a drop by 0.2% in the two previous months. Year-on-year, the CPI diminished by −0.1% after −0.2% in February.
As every year in March, consumer prices were mainly driven up by manufactured products whose prices recovered after winter sales. Furthermore, this year energy prices bounced back, especially for petroleum products, and food prices strenghtened. Rise in service prices remained moderate.
Seasonal rebound in manufactured product prices
After the end of the winter sales in February in most French departments, manufactured product prices continued to recover sharply in March (+1.9% after +1.0%; −0.2% year-on-year), particularly in clothing and footwear (+11.9%; +0.2% year-on-year). To a lesser extent, this effect also contributed to the rise in prices of other products: furniture and furnishings (+1.8%; +1.0% year-on-year), household textiles (+2.5%; +1.3% year-on-year), sport equipment (+3.0%; +1.3 % year-on-year) and travel goods (+4.5% +0.3% year-on-year). Conversely, some durable goods were subject to sales promotion in March 2016. As a result, prices of household appliances expanded less in March 2016 (+0.3%) than in March 2015 (+0.8%); over one year, they fell overall by 1.4% (after −0.8% in February).
tableauTableau1IR_English – Detailed figures for various groups
| Items | Weight | Index | Percentage change | |
|---|---|---|---|---|
| 2016 | March 2016 | m-on-m change | y-on-y change | |
| a) All households | ||||
| OverAll | 10000 | 100.02 | 0.7 | −0.1 |
| Overall SA* | 10000 | 99.79 | 0.1 | −0.2 |
| Food | 1615 | 100.36 | 0.5 | 0.4 |
| Fresh food | 217 | 102.19 | 3.6 | 1.6 |
| Other food | 1398 | 100.07 | 0.0 | 0.2 |
| Tobacco | 195 | 100.06 | 0.0 | 0.0 |
| Manufactured products | 2651 | 100.66 | 1.9 | −0.2 |
| Clothing and footwear | 414 | 104.03 | 11.9 | 0.2 |
| Medical products | 466 | 97.88 | −0.2 | −3.2 |
| Other manufactured products | 1771 | 100.51 | 0.4 | 0.4 |
| Energy | 773 | 94.89 | 0.9 | −6.9 |
| Petroleum products | 419 | 90.27 | 2.5 | −13.2 |
| Services | 4766 | 100.43 | 0.1 | 0.9 |
| Actual rentals and services for dwellings | 768 | 100.60 | 0.0 | 0.5 |
| Medical services | 598 | 100.26 | 0.0 | 0.4 |
| Transport | 279 | 96.22 | −0.5 | −1.4 |
| Communication | 245 | 100.59 | 0.7 | 0.8 |
| Other services | 2876 | 100.82 | 0.2 | 1.3 |
| Total except rents and tobacco | 9183 | 100.00 | 0.8 | −0.2 |
| Total except tobacco | 9805 | 100.02 | 0.7 | −0.1 |
| b) Urban working-class households or households of employees | ||||
| All products excluding tobacco | 9704 | 100.01 | 0.8 | −0.1 |
| c) Households that belong to the lowest equivalized disposable income quintile - France | ||||
| All products excluding tobacco | 9696 | 99.82 | 0.7 | −0.3 |
- *: seasonally adjusted
- Geographical coverage: France excluding Mayotte
- Source: INSEE - Consumer Price Indexes
Upturn in energy prices
After nine consecutive months of decline, energy prices were up 0.9% in March 2016, due to higher oil prices (+2.5%), chiefly heating fuels (+4,8%) and diesel fuel (+3.4%) in the wake of the upturn in crude oil prices. In contrast, natural gas and mains gas prices decreased in March (−3.0%). Electricity prices were unchanged. Year-on-year, energy tariffs weakened by 6.9%; those of petroleum products by 13.2% .
Growth in food prices
In March 2016, food prices rose by 0.5% over the month, mainly owing to fresh foodstuffs (+3.6%). For the second month in a row, prices of other food products were stable over the month and were 0.2% higher than in the same month one year ago.
Slight increase in service prices
Service prices edged up in March 2016 (+0.1%; +0.9% year-on-year after +0.8% in February), above all as a result of the seasonal increase in accommodation prices. This one is sharper this year (+3.1%; +1.8% year-on-year) than last year (+2.0%), following the shift of the school holiday calendar for Zone C in 2016. Similarly, transport prices dropped less in March 2016 (-0.5%) than they did a year before (−0.9%); year-on-year, they declined (−1.4% after −1.8% in February 2016). Moreover, mobile telephone service prices recovered (+1.6%; +0.5% year-on-year)
Core inflation remained subdued
In March 2016, the core inflation indicator (ISJ) grew by 0.1% month-on-month and by 0.6% year-on-year after 0.7% in February. The Harmonised Index of Consumer Prices (HICP) increased by 0.8% over one month and, as the CPI, slipped 0.1% over one year.
graphiqueGraphiqueIR_English – Consumer price index (CPI), core inflation (ISJ)* and Harmonised Indices of Consumer Prices (HICP)** year-on-year changes
tableauTableau2IR_English – Detailed figures for Core inflation* and HICP**
| Items | Weight | Index | Percentage change | |
|---|---|---|---|---|
| 2016 | March 2016 | m-on-m change | y-on-y change | |
| Core inflation - All items | 6075 | 100.43 | 0.1 | 0.6 |
| Food excluding fresh products, meat, milk and exotic products | 735 | 99.94 | −0.1 | −0.1 |
| Manufactured products | 2136 | 100.42 | −0.1 | 0.3 |
| Services including actual rentals and services for dwellings | 3204 | 100.56 | 0.0 | 1.0 |
| HICP - All items | 100.07 | 0.8 | −0.1 | |
- * Core inflation indicator excludes public sector prices, the most volatile consumer prices and the tax measures. Seasonally adjusted, this index is calculated for all households in France excluding overseas departments and territories. (in French “indice d'inflation sous-jacent - ISJ)
- **HICP: Harmonised Indices of Consumer Prices are inflation figures designed for international comparison of consumer price inflation between Member states of the European Union. This index is calculated for all households in France (excluding Mayotte)
- Source: INSEE - Consumer Price Indexes
Revisions
Compared to the provisional estimates released on 31 March 2016, the annual rate of change in the CPI has been slightly revised upward (+0.1 percentage points to −0.1% instead of −0.2%).
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