Consumer prices increased by 0.3% in February 2016; year-on-year, they were down 0.2%Consumer price index - final results - February 2016

In February 2016, the Consumer Prices Index (CPI) grew by 0.3% after -1.0% in January. Seasonally adjusted, it diminished by 0.2%, as in the previous month. Year-on-year, it fell back (-0.2% after +0.2% in January 2016), for the first time since March 2015. The variation in energy prices and service prices explain much this movement. Over one month, the rise in the CPI in February came mainly from the rebound in prices of manufactured products after the end of winter sales and in prices of services tourism-related, although this latter was lower this year. Moreover, petroleum product prices continued to fall in February, while food prices were stable.

Informations rapides
No 63
Paru le : 15/03/2016
Prochaine parution le : 12/10/2017 at 08:45 - September 2017

Monthly change: +0.3%; year-on-year: −0.2%

In February 2016, the Consumer Prices Index (CPI) grew by 0.3% after −1.0% in January. Seasonally adjusted, it diminished by 0.2%, as in the previous month. Year-on-year, it fell back (−0.2% after +0.2% in January 2016), for the first time since March 2015. The variation in energy prices and service prices explain much this movement. Over one month, the rise in the CPI in February came mainly from the rebound in prices of manufactured products after the end of winter sales and in prices of services tourism-related, although this latter was lower this year. Moreover, petroleum product prices continued to fall in February, while food prices were stable.

Seasonal rebound in manufactured product prices

In February 2016, prices of manufactured products recovered sharply (+1.0% after −3.0% in January; −0.1% year-on-year) due to the end of winter sales. The rebound is particularly pronounced in clothing and footwear (+5.9%; +0.8% year-on-year). To a lesser extent, this effect also contributed to the rise in prices of other products like jewellery, clocks and watches (+1.1%; +1.9% year-on-year), furniture and furnishings (+1.1%; +0.6% year-on-year) and major household appliances (+0.6%; −0.8% year-on-year). However, prices of other products were still edged down owing to promotions : new motor cars (−0.1%; +1.3% year-on-year) and sport equipment (−0.2%; +0.7% year-on-year) especially. Furthermore, prices of health products continued to decline (−0,2%; +3,7% year-on-year).

Tableau1IR_English – Detailed figures for various groups definitive variations

2015: 100
Detailed figures for various groups definitive variations
Items Weight Index Percentage change
2016 Feb. 2016 m-on-m change y-on-y change
a) All households
OverAll 10000 99.33 0.3 −0.2
Overall SA* 10000 99.65 −0.2 −0.2
Food 1615 99.90 0.0 0.2
Fresh food 217 98.65 −0.1 0.4
Other food 1398 100.10 0.0 0.2
Tobacco 195 100.04 0.0 0.3
Manufactured products 2651 98.79 1.0 −0.1
Clothing and footwear 414 92.96 5.9 0.8
Medical products 466 98.07 −0.2 −3.7
Other manufactured products 1771 100.14 0.3 0.4
Energy 773 94.06 −1.0 −6.8
Petroleum products 419 88.10 −1.4 −12.8
Services 4766 100.31 0.2 0.8
Actual rentals and services for dwellings 768 100.62 0.1 0.6
Medical services 598 100.25 0.2 0.2
Transport 279 96.72 0.5 −1.8
Communication 245 99.89 −0.1 0.0
Other services 2876 100.63 0.2 1.3
Total except rents and tobacco 9183 99.25 0.3 −0.2
Total except tobacco 9805 99.32 0.3 −0.2
b) Urban working-class households or households of employees
All products excluding tobacco 9704 99.25 0.3 −0.3
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9696 99.09 0.2 −0.4
  • *: seasonally adjusted
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indexes

Seasonal increase in service prices

As every year, service prices grew in February (+0.2% over one month; +0.8% year-on-year). This rise was less pronounced than in recent years. Indeed, seasonal increase in prices related to accomodation services (+2.7%; +0.8% year-on-year) and those of recreational and sporting services (+0.3% over one month as over one year) are more limited this year, mainly because of the shift of the school holiday dates for Zone C. Besides, telecommunication fees were stable, whereas they had risen sharply in February 2015 (+1.9% over one month). Finally, insurance prices dipped (−0.6%; +2.4% year-on-year) as a result of promotions on motor vehicle insurance tariffs. Conversely, toll facilities were raised in February this year (+1.1%), unlike last year.

Further drop in energy

In February 2016, energy prices fell for the ninth month in a row (−1.0%; −6.8% year-on-year), once again due to the decline in prices of petroleum products (−1.4%; −12.8% year-on-year). Moreover, natural gas and town gas prices slipped back sharply (−1.7%; −8.8 % year on year) after an increase in the previous month (+1.0%). Electricity rates were unchanged over the month (+4.1% year-on-year).

Stability of food prices

In February 2016, food prices were broadly flat. Prices of fresh products fell slightly again (−0.1% after −0.4% in January). Excluding fresh products, food prices were unchanged over the month and increased by 0.2% year-on-year, as in the previous two months.

Decline in core inflation

In February 2016, core inflation indicator (ISJ) was stable after an increase by 0.1% in January. Year-on-year, it grew by 0.7%, slightly less quickly than the previous two months (+0.9% in January and December). The Harmonised Index of Consumer Prices (HICP) increased by 0.3% over one month. Year-on-year, it edged down year-on-year (−0.1% after +0.3% in the previous two months).

GraphiqueIR_English – Consumer price index (CPI), core inflation (ISJ)* and Harmonised Indices of Consumer Prices (HICP)** year-on-year changes

Tableau2IR_English – Detailed figures for Core inflation* and HICP**

2015: 100
Detailed figures for Core inflation* and HICP**
Items Weight Index Percentage change
2016 Feb. 2016 m-on-m change y-on-y change
Core inflation - All items 6075 100.37 0.0 0.7
Food excluding fresh products, meat, milk and exotic products 735 100.06 −0.1 0.0
Manufactured products 2136 100.50 0.8 0.6
Services including actual rentals and services for dwellings 3204 100.54 −0.2 0.9
HICP - All items 99.32 0.3 −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 estimate released on 26 February 2016, the monthly rate of change in the CPI in February 2016 was raised by 0.1 percentage points, from 0.2% to 0.3%.

Documentation

Methodology (pdf, 141 Ko)