16 May 2017

2017- n° 129

In April 2017, consumer prices rose by 0.1% over a month and by 1.2% year on year Consumer 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.

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.

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).

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).

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%).

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).

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.

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.