14 December 2016

2016- n° 322

In November 2016, consumer prices remained stable over a month; they increased by 0.5% year-on-year Consumer price index - final results - November 2016

In November 2016, the Consumer Prices Index (CPI) remained stable over a month. Seasonally adjusted, it rose slightly (+0.1%) after a stability in October. Year on year, the CPI accelerated slightly, to 0.5% after +0.4% in the previous month.

This month-on-month stability resulted from a lower increase in energy prices and a modest rebound in food prices, offset by a fall in services and manufactured product prices.

In November 2016, energy prices remained dynamic but slowed down (+0.9% after +1.3% in the previous month). However, year on year, they accelerated sharply (+2.1% after +0.7% the previous month).

The slowdown over a month came from that in petroleum product prices (+1.3% after +2.4% in October; +4,1% year-on-year). In contrast, town gas and natural gas prices, index-linked to the changes in oil prices with a time lag, picked up sharply (+1.5% after −0.7% in October; −5.7% year-on-year). Electricity fares were stable for the third consecutive month (+1.8% year-on-year).

In November 2016, food prices rebounded slightly (+0.1% after −0.1%) : fresh food prices picked up a little (+0.1% after −0.1%), like those of other food product prices (+0.2% after +0.0%). Year on year, food prices were stable.

In November 2016, services prices dipped again, a little more than in October (−0.2% after −0.1%). Year on year, the increase in prices remained at +1.0%. This month-on-month fall resulted chiefly from the seasonal drop in airfares (−7.5% after +5.2%; −2.9% year-on-year), but it was less pronounced than last year (−8.4% in November 2015). Moreover, the prices in accomodation services fell again sharply (−2.0%, as in the previous month) and health services prices edged down (−0.2% after +0.4%). Furthermore, the prices of communication services decreased (−0.3%) after a stability in the previous month; year-on-year, they continued to rise sharply (+2.9%).

In November 2016, the prices of manufactured products edged down (−0.1%) after a stability in October. Year-on-year, they diminished again by 0.6%, as in September and October. Clothing and footwear prices slowed down again (+0.1% after +0.4%; +0.2% year-on-year). The prices of “other manufactured products” fell further slightly (−0.1%, as in the previous month): the seasonal decrease in games and toys prices (−3.0%) was almost offset by a rebound in furniture and furnishings prices (+0.5% after −0.5%). Lastly, the fall in the prices of health products eased (−0.2% after −0.3%; −2.3% year-on-year).

In November 2016, the core inflation indicator (ISJ) picked up slightly to +0.1% after a decrease by 0.1% in the previous month. Year-on-year, it rose by 0.5%, as in October. The Harmonised Index of Consumer Prices (HICP) was stable over one month. Year-on-year, it gathered pace to 0.7%, its highest level since May 2014.

Compared to the provisional estimates published on 30 November 2016, the monthly and annual rates of change in the CPI and HICP are unchanged.