In November 2016, consumer prices remained stable over a month; they increased by 0.5% year-on-yearConsumer 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.

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Informations rapides – No 322
Paru le : 12/14/2016
Prochaine parution le : 04/13/2017 at 08:45 - March 2017

Monthly change: 0.0%; Year-on-year: +0.5%

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.

Slowdown in energy 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).

Slight rebound in food prices

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.

Table1 – Detailed figures for various groups

2015: 100
Detailed figures for various groups
Items Weight Index Percentage change
2016 Nov. 2016 m-on-m change y-on-y change
a) All households
Overall 10000 100.35 0.0 0.5
Overall SA* 10000 100.53 0.1 0.5
Food 1615 100.62 0.1 0.3
Fresh food 217 103.74 0.1 2.2
Other food 1398 100.13 0.2 0.0
Tobacco 195 100.17 0.0 0.1
Manufactured products 2651 99.88 −0.1 −0.6
Clothing and footwear 414 104.63 0.1 0.2
Medical products 466 96.13 −0.2 −2.3
Other manufactured products 1771 99.69 −0.1 −0.4
Energy 773 99.42 0.9 2.1
Petroleum products 419 98.67 1.3 4.1
Services 4766 100.71 −0.2 1.0
Actual rentals and services for dwellings 768 100.73 0.0 0.3
Health services 598 100.18 −0.2 0.2
Transport 279 95.95 −2.4 0.1
Communication 245 102.96 −0.3 2.9
Other services 2876 101.08 0.0 1.3
Total except rents and tobacco 9183 100.35 0.0 0.6
Total except tobacco 9805 100.36 0.0 0.6
b) Urban working-class households or households of employees
All products excluding tobacco 9704 100.36 0.0 0.6
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9696 100.22 0.0 0.5
  • *: seasonally adjusted
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Further moderate fall in services prices

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%).

Slight fall in manufactured product prices

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).

Stability in core inflation at +0.5% 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.

Revisions

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

Graph1 – Consumer Price Index (CPI), core inflation (ISJ)* and Harmonised Index of Consumer Prices (HICP)** year-on-year changes

Table2 – Detailed figures for Core inflation* and HICP**

2015: 100
Detailed figures for Core inflation* and HICP**
Items Weight Index Percentage change
2016 Nov. 2016 m-on-m change y-on-y change
Core inflation - All items 6075 100.72 0.1 0.5
Food excluding fresh products, meat, milk and exotic products 735 100.01 0.0 0.1
Manufactured products 2136 99.83 0.2 −0.3
Services including actual rentals and services for dwellings 3204 101.53 0.0 1.2
HICP - All items 100.55 0.0 0.7
  • * 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 between Member states of the European Union. This index is calculated for all households in France excluding Mayotte.
  • Source: INSEE - Consumer Price Indices