In April 2017, consumer prices rose by 0.1% over a month and by 1.2% year on yearConsumer price index - final results - April 2017

In April 2017, the Consumer Prices Index (CPI) was at a standstill (+0.1% over a month after +0.6% in March). Seasonally adjusted, it was stable, as in the previous month. Year on year, consumer prices accelerated barely, to +1.2% after +1.1% in the previous month.

Informations rapides
No 129
Paru le : 16/05/2017
Prochaine parution le : 12/10/2017 at 08:45 - September 2017

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

In April 2017, the Consumer Prices Index (CPI) was at a standstill (+0.1% over a month after +0.6% in March). Seasonally adjusted, it was stable, as in the previous month. Year on year, consumer prices accelerated barely, to +1.2% after +1.1% in the previous month.

Over a month, this marked slowdown came from that, seasonal, of manufactured product prices. Energy and food prices fell again, but less than in the previous month. Contrariwise, services prices accelerated a little, due to a sharp rebound in transport services prices.

Sharp slowdown in the prices of manufactured products

In April 2017, manufactured product prices slackened sharply (+0.1% after +2.5%). Year on year, the fall in prices eased again (−0.7% after −1,0% in March and −1.6% in February). Seasonally in April, clothing and footwear prices slowed down (+0.9% after +14.5%; −0.1% year on year). The prices of “other manufactured products” were stable after an increase of 0.6% in the previous month. This stability resulted from a downturn in the prices of furniture and furnishings (−0.3%), major household appliances (−0.9%) and toys and games (−1,8%), partly offset by a rise in the prices of other goods, particularly new motor cars (+0.3%) and glassware, tableware and household utensils (+0.5%). Year on year, the prices of other manufactured products declined less than in March (−0.3% after −0.7% ). The prices of health products fell by 0.3%, as in the previous month (−2.3% year on year).

Table1 – Detailed figures for various groups

2015: 100
Detailed figures for various groups
Items Weight Index Percentage change
2017 April 2017 m-on-m change y-on-y change
a) All households
Overall 10000 101.26 0.1 1.2
Overall SA* 10000 101.13 0.0 1.2
Food 1627 101.11 −0.1 0.7
Fresh food 235 105.62 −1.2 3.5
Other food 1392 100.39 0.1 0.3
Tobacco 188 102.94 0.1 2.8
Manufactured products 2617 99.75 0.1 −0.7
Clothing and footwear 433 104.27 0.9 −0.1
Medical products 433 95.10 −0.3 −2.3
Other manufactured products 1751 99.86 0.0 −0.3
Energy 748 103.99 −0.3 9.3
Petroleum products 378 105.30 −0.3 15.0
Services 4820 101.68 0.2 1.0
Actual rentals and services for dwellings 779 101.17 0.1 0.6
Health services 600 100.66 0.0 0.3
Transport 282 101.73 4.2 4.5
Communication 242 99.58 0.0 −2.2
Other services 2917 102.18 −0.1 1.2
Total except rents and tobacco 9183 101.28 0.1 1.2
Total except tobacco 9812 101.23 0.1 1.1
b) Urban working-class households or households of employees
All products excluding tobacco 9710 101.14 0.1 1.0
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9705 101.07 0.2 1.2
  • *: seasonally adjusted
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Moderate drop in energy prices

In April 2017, energy prices dropped again (−0.3% after −0.5%). Over a year, the rise in prices eased a little, albeit remaining strong continued to be dynamic: +9.3% after +9.9% in March.

This lesser decline over a month came from a more moderate drop in petroleum product prices than in March (−0.3% after −1.6%; +15.0% year on year), in the wake of Brent crude price. Contrariwise, the prices of natural gas and city gas slipped back after a sharp increase in March (−0.7% after +2.4%; +11.8% year on year). Electricity prices have been unchanged since August 2016 (−0.3% year on year).

Near-stability in food prices

Food prices fell slightly in April 2017 (−0.3% over a month after −0.3%) due to a smaller drop in fresh food prices (−1.2% after −2.4%). Excluding fresh products, food prices hardly increased, as in the previous month (+0.1%). Year on year, food prices accelerated a little (+0.7% after +0.8%).

A little more marked rise in services prices

In April 2017, the prices of services accelerated slightly over a month, to +0.2% after +0.1% in the previous month. Year on year, they slowed a little (+1.0% after +1.1% in March). The slight monthly rise reflected a rebound in some touristic services prices due to the spring holidays, as airfares (+11.1% after −0.9%; +8.7% over a year) and package holiday prices (+5.3%; −0.4% year on year). The prices of recreational and cultural services went up (+0.4%; +1.3% year on year), because of an increase in prices of cinema tickets and entrances to amusement parks. On the other hand, the prices of accommodation services fell back (−4.9%; +1.3% year on year). Similarly, insurance prices edged down (−0.1%; +1.4% year on year), due to a downturn in transport insurance partly offset by a rise in dwelling insurance. The prices of health services were stable after a slight rise in the previous month by +0.1% (+0.3% year on year).

Slight increase in year-on-year core inflation

In April 2017, the core inflation indicator (ISJ) rose at the same pace as in the previous month (+0.2%). Year on year, it slightly accelerated (+0.5% after +0.4%). The Harmonised Index of Consumer Prices (HICP) slowed down sharply (+0.1% after +0.7% over a month); over a year, it grew by 1.4%, as in the two previous months.

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 April 2017 m-on-m change y-on-y change
Core inflation - All items 6134 101.03 0.2 0.5
Food excluding fresh products, meat, milk and exotic products 744 100.39 0.0 0.4
Manufactured products 2136 99.69 0.2 −0.4
Services including actual rentals and services for dwellings 3254 102.06 0.2 1.1
HICP - All items 101.57 0.1 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 with the provisional estimates published on 28 April 2017, the year-on-year and month-on-month variations in the CPI and the HICP are unchanged.