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In October 2017, consumer prices rose by 0.1% over a month and by 1.1% year on yearConsumer price index - final results - October 2017

In October 2017, the Consumer Prices Index (CPI) barely recovered by 0.1% over a month, after a moderate downturn of 0.2% in September. This rebound resulted from that in food prices and a lesser drop in services prices. Contrariwise, manufactured product prices slowed down sharply after a marked rise in September (+0.2% after +0.5%). Energy prices increased barely less than in the previous month.

Informations rapides N° 300
No 300
Principaux indicateurs
Paru le : 15/11/2017
Prochaine parution le : 14/11/2018 at 08:45 - October 2018

Monthly change: +0.1% in October; Year-on-year change: +1.1%

In October 2017, the Consumer Prices Index (CPI) barely recovered by 0.1% over a month, after a moderate downturn of 0.2% in September. This rebound resulted from that in food prices and a lesser drop in services prices. Contrariwise, manufactured product prices slowed down sharply after a marked rise in September (+0.2% after +0.5%). Energy prices increased barely less than in the previous month.

Seasonally adjusted, consumer prices decelerated slightly: +0.1% after +0.2% in September.

Year on year, consumer prices grew by 1.1% in October after +1.0% in the previous month. This third consecutive acceleration came from a sharper increase in food prices and a lesser drop in manufactured product prices. Energy prices slowed down after two months of very sustained rise. Services prices increased in the same rate than in September.

Stability in core inflation over a year

In October 2017, the core inflation indicator (ISJ) was stable after a rise of 0.1% in September. Over a year, it rose by 0.5%, as in the three previous months. The Harmonised Index of Consumer Prices (HICP) slightly rebounded by 0.1% after a downturn of 0.2%; year on year, it grew slightly faster than in September: +1.2% after +1.1%.

New acceleration in food prices year on year

In October 2017, food prices gathered pace again sharply (+1.5% year on year after +1.1%). This rise came from a marked acceleration in fresh food prices (+4.5% year on year after +1.6%), due to a sharp rebound in vegetables prices (+11.1% after −0.3%). Excluding fresh products, food prices rose barely more than in September (+1.1% year on year after +1.0%), prices of oils and fats continued increasing (+5.6% year on year after +4.3%).

Table1 – Detailed figures for various groups

2015: 100
Detailed figures for various groups
Items Weight Index Percentage change
2017 Oct. 2017 m-on-m change y-on-y change
a) All households
Overall 10000 101.43 0.1 1.1
Overall SA* 10000 101.42 0.1 1.1
Food 1627 102.02 0.4 1.5
Fresh food 235 108.23 2.8 4.5
Other food 1392 101.03 0.0 1.1
Tobacco 188 102.55 0.0 2.4
Manufactured products 2617 99.70 0.2 −0.3
Clothing and footwear 433 104.08 0.6 −0.4
Medical products 433 94.69 −0.1 −1.7
Other manufactured products 1751 99.92 0.1 0.1
Energy 748 103.22 1.0 4.8
Petroleum products 378 104.60 1.6 7.4
Services 4820 101.87 −0.2 1.0
Actual rentals and services for dwellings 779 101.14 0.1 0.5
Health services 600 102.17 0.4 1.8
Transport 282 99.79 1.1 1.5
Communication 242 97.99 0.0 −5.1
Other services 2917 102.52 −0.5 1.4
Total except rents and tobacco 9183 101.46 0.1 1.1
Total except tobacco 9812 101.40 0.1 1.0
b) Urban working-class households or households of employees
All products excluding tobacco 9710 101.31 0.1 0.9
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9705 101.15 0.2 0.9
  • *: seasonally adjusted
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Drop less pronounced in manufactured products

Year on year, manufactured products prices fell again less than in the previous month (−0.3% in October after −0.5% in September and −0.7% in August). This lesser drop came from that in clothing and footwear prices (−0.4% year on year after −0.7%) and in medical health product prices (−1.7 % after −1.9%). The prices of “other manufactured products” rose a little year on year (+0.1%) after a stability in September, due to an acceleration in new motor cars (+2.1% year on year after +1.2%). Over a month, the prices of “other manufactured products” slowed down to +0.1% after +0.3% in September. The monthly downturn in prices of furniture and furnishings (−0.5%) and games and toys (−0.3%) was partly offset by an increase in household appliances prices (+0.5%) and a rebound in newspapers, books and stationery prices (+0.5%).

Stability in services inflation

Year on year, services prices increased by 1.0%, as in September. Tourism-related services slowed down sharply due to the shift in Toussaint school holidays. So, airfares decelerated (+2.1% after +2.5% year on year), the rebound over a month in October being less pronounced this year (+4.8% against +5.2% in 2016). Likewise, accommodation services grew slower than in September (+2.7% after +4.1% year on year). Assurance prices slowed down too (+1.8% year on year after +2.4%), due to promotional offers in October (+1.8% after +2.4%). Contrariwise, the decrease in telecommunication service prices softened (−5.1% after −5.2%). Health services prices rose by 1.8% year on year, as in the previous month.

Year-on-year slowdown in energy prices

Energy prices slowed down in October after two months of a sharp rise (+4.8% year on year after +5.1% in September), due to a slowdown in the prices of petroleum products (+7.4% after +8.3%). The prices of natural gas and town gas sharply gathered pace to +3.3% year on year, because of a price rise of 1.2% over a month. Electricity prices increased by 1.5% year on year, 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 Oct. 2017 m-on-m change y-on-y change
Core inflation - All items 6134 101.17 0.0 0.5
Food excluding fresh products, meat, milk and exotic products 744 100.68 0.0 0.6
Manufactured products 2136 99.64 0.1 −0.1
Services including actual rentals and services for dwellings 3254 102.30 −0.2 0.8
HICP - All items 101.70 0.1 1.2
  • * 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 31 October 2017, the month-on-month and year-on-year changes in the CPI and the HICP were confirmed.