13 July 2017

2017- n° 184

In June 2017, consumer prices were stable over a month and rose by 0.7% year on year Consumer price index - final results - June 2017

In June 2017, the Consumer Prices Index (CPI) was stable for the second consecutive month. Seasonally adjusted, it was unchanged too, after a downturn by 0.2% in May. Year on year, consumer prices slowed down slightly (+0.7% after +0.8%).

Over a month, the increase in services prices due to a seasonal rebound in airfares was offset by a drop in energy prices and a downturn in food prices. The prices of manufactured products rose barely over a month, as in the two previous months.

In June 2017, services prices increased by 0.3% after having been stable in the previous month. This rise came from a seasonal rebound in airfares (+5.0% after −8.7%; +2.4% year on year). Health services prices rose again (+0.6% after +0.7%), after the rise, in May, in practitioners' consultation fees. Contrariwise, communication services prices fell again sharply (−1.0% as in May, −4.9% year on year), due to a drop in prices of some mobile services fees, and to a lesser extent, to the end of roaming out in Europe. The prices of "other services" slowed down in June (+0.2% after +0.4%): the decline in insurance prices (−0.5% after +0.9%; +2.2% year on year) due to promotional offers for dwelling's insurance was however mitigated by a seasonal acceleration in accomodation services (+3.1% after +1.9%; +0.1% year on year).

In June 2017, energy prices declined for the fourth consecutive month (−1.1% after −0.3% in April and −1.5% in May). Year on year, they slowed down significantly to +1.9%, lower increase since October 2016. The further monthly decline in energy prices came totally from that of petroleum products (−2.2% after −2.1%). Prices in natural gas and town gas prices were stable in June (+9.0% year on year). Electricity prices have been unchanged since August 2016.

In June 2017, food prices edged down by 0.3% after a rebound of 0.7% in May. Year on year, they accelerated to +0.8% after +0.4% in May. The monthly downturn was due to that, seasonal, of fresh product prices (−2.3% over a month). Year on year, fresh product prices revovered (+1.5%) after a one-time drop of 0.3% in May. Excluding fresh products, food prices barely decelerated (+0.1% over a month after +0.2%, +0.6% year on year), due to a slowdown in meat prices (+0.2% after +0.4%; +1.2% year on year).

Tobacco prices declined again slightly over a month. Year on year, their rise remained sustained at +2.4%.

The prices of manufactured products rose little in June 2017 (+0.1% as in the two previous months). Year on year, their drop was again less pronounced (−0.3% after −0.7%). Over a month, clothing and footwear prices barely slowed down (+0.4% after +0.5%). Summer sales beginning later than in the previous year, their prices rebounded to +1.7% year on year after −0.5% in May. The prices of “other manufactured goods” were stable after +0.1% in the previous month (−0.3% year on year). The prices of health products declined by 0.1% as in May.

In June 2017, the core inflation indicator (ISJ) was rose by 0.1% after having been stable in May. Year on year, it increased at the same pace than in the previous month (+0.4%). The Harmonised Index of Consumer Prices (HICP) was unchanged as in the pevious month; year on year, it slowed down very slightly (+0.8%, after +0.9%).

Compared with the provisional estimates published on 30 June 2017, the month-on-month and year-on year changes in the CPI and in the HICP have not been revised.