In February 2017, consumer prices rose by 0,1% over a month and by 1.2% year on yearConsumer price index - final results - February 2017

In February 2017, the Consumer Prices Index (CPI) recovered a little, at +0.1% over a month after a decrease by 0.2% in January. Seasonally adjusted, it edged down by 0.2%, after having risen by 0.7% in January. Year on year, consumer prices slowed down slightly (+1.2% after +1.3%).

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Informations rapides – No 65
Paru le : 03/15/2017
Prochaine parution le : 04/13/2017 at 08:45 - March 2017

Monthly change: +0.1%; Year-on-year change: +1.2%

In February 2017, the Consumer Prices Index (CPI) recovered a little, at +0.1% over a month after a decrease by 0.2% in January. Seasonally adjusted, it edged down by 0.2%, after having risen by 0.7% in January. Year on year, consumer prices slowed down slightly (+1.2% after +1.3%).

Over a month, the slight increase resulted from a rebound in services prices and a rise in tobacco price. Food prices decelerated slightly due to fresh food prices. Winter sales having continued in February, manufactured products prices fell again, thus limiting the overall rebound. At last, energy prices were stable after five months of sharp increase.

Slight rebound in services prices

In February 2017, services prices picked up to +0.3% over a month after a small downturn in the previous month. Year on year, they accelerated to +1.1% after +0.9% in January. Over a month, the rebound resulted mainly from these of airfares and communication. Indeed, airfares rebounded (+1.8%; +0.8% year on year), after a seasonnal fall in January (−11.8%). Prices of communication services recovered too (+0.7% after −3.4%; −0.3% year on year), due to a rise in some fees of mobile phone plans. Accomodation services prices grew sharply (+2.1% after −0.3%; +3.0% year on year). Health services prices rose again slightly (+0.2%; as in January; +0.3% year on year).

Table1 – Detailed figures for various groups

2015: 100
Detailed figures for various groups
Items Weight Index Percentage change
2017 Feb. 2017 m-on-m change y-on-y change
a) All households
Overall 10000 100.53 0.1 1.2
Overall SA* 10000 101.05 −0.2 1.3
Food 1627 101.46 0.3 1.6
Fresh food 235 109.51 1.8 11.0
Other food 1392 100.17 0.0 0.1
Tobacco 188 101.04 0.9 1.0
Manufactured products 2617 97.21 −0.3 −1.6
Clothing and footwear 433 90.21 −2.2 −3.0
Medical products 433 95.67 −0.2 −2.4
Other manufactured products 1751 99.21 0.1 −0.9
Energy 748 104.79 0.0 11.4
Petroleum products 378 107.32 0.2 21.8
Services 4820 101.37 0.3 1.1
Actual rentals and services for dwellings 779 100.99 0.1 0.4
Health services 600 100.59 0.2 0.3
Transport 282 98.52 1.2 1.9
Communication 242 99.59 0.7 −0.3
Other services 2917 102.05 0.3 1.4
Total except rents and tobacco 9183 100.53 0.1 1.3
Total except tobacco 9812 100.52 0.1 1.2
b) Urban working-class households or households of employees
All products excluding tobacco 9710 100.37 0.1 1.1
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9705 100.28 0.1 1.2
  • *: seasonally adjusted
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Rise in tobacco price and slight slowdown in food prices

In Februay 2017, tobacco price grew by 0.9% after five months of stability, mainly because of tax increase. Year on year, it accelerated sharply (+1.0% after +0.1% in January).

Food prices decelerated slightly in February (+0.3% after +0.4%) due to a clear slowdown in fresh food prices (+1.8% after +2.8%). Excluding fresh products, food prices were stable over a month and rose by +0.1% year on year, as in the previous month.

Further fall in the prices of manufactured goods

In February 2017, winter sales ending later this year, manufactured product prices kept falling (−0.3%), unlike in February 2016 (+1.0%). Year on year, the drop in these prices was clearly sharper (−1.6% after −0.3% in January). Over a month, clothing and footwear prices dropped again sharply (−2.2% after −12.4%; −3.0% year on year). Manufactured products prices barely edged up (+0.1% after −0.4%; −0.9% year on year). A new fall in the prices of furniture and furnishings (−0.7%) and major household appliances (−0.3%) was offset by rising prices for plants and flowers (+2.3%), games and toys (+0.8%), newspapers and periodicals (+0.7%) and jewellery (+0.6%).

Stability in energy prices

In February 2017, energy prices were unchanged after marked increases in the five previous months. Year on year, the rise in prices was steeper again: +11.4% after +10.3% in the previous month.

The monthly stability came in the one hand from a slight rise in petroleum products prices (+0.2% after +7.5%; +21.8% year on year), in the wake of Brent crude price, and on the other hand, from a downturn in the prices of natural gas and city gas (−0.5% after +5.0%; +2.9% year on year). Electricity prices have been stable since September 2016 (−0.3% year on year).

Downturn in core inflation

In February 2017, the core inflation indicator (ISJ) edged down by 0.4% over a month after a rebound of equal magnitude in January. Year on year, it slowed down sharply (+0.2% after +0.7% in the previous month). The Harmonised Index of Consumer Prices (HICP) recovered (+0.2% after −0.3% over one month); year on year, it rose at a slightly slower pace than in January (+1.4% after +1.6%).

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
2017 Feb. 2017 m-on-m change y-on-y change
Core inflation - All items 6134 100.60 −0.4 0.2
Food excluding fresh products, meat, milk and exotic products 744 100.32 −0.1 0.3
Manufactured products 2136 98.78 −1.5 −1.4
Services including actual rentals and services for dwellings 3254 101.80 0.0 1.2
HICP - All items 100.73 0.2 1.4
  • * 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

Revisions

Compared to the provisional estimates published on 28 February 2017, the year-on-year and month-on-month rates of change in the CPI in February 2017 are unchanged. For the HICP, the monthly change is increased by 0.1 points and the year-on-year change is confirmed.