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

In November 2017, the Consumer Prices Index (CPI) rose by 0.1% as in October 2017. This increase resulted from an acceleration in energy prices and an increase in tobacco prices. . On the other hand, services prices and those of manufactured goods fell back slightly. Food prices slowed down sharply due to a downturn in fresh food prices, which had sharply rebounded in the previous month.

Informations rapides N° 326
No 326
Principaux indicateurs
Paru le : 14/12/2017
Prochaine parution le : 14/11/2018 at 08:45 - October 2018

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

In November 2017, the Consumer Prices Index (CPI) rose by 0.1% as in October 2017. This increase resulted from an acceleration in energy prices and an increase in tobacco prices. . On the other hand, services prices and those of manufactured goods fell back slightly. Food prices slowed down sharply due to a downturn in fresh food prices, which had sharply rebounded in the previous month.

Seasonally adjusted, consumer prices hardly accelerated: +0.2% after +0.1% in October.

Year-on-year, consumer prices rose by 1.2% in November, 0.1 point of percentage more than in the previous month. This fourth consecutive acceleration resulted from a stronger growth in energy prices and tobacco prices and a lower drop in the prices for manufactured goods. Food and energy prices increased at the same rate as in October.

Core inflation is stable over a year

In November 2017, the core inflation index (ISJ) rose by 0.1% after being steady last month. Over a year, core inflation is at 0.5%, as in the four previous months. The Harmonised Index of Consumer Prices (HICP) grew at the same rate as in October (+0.1%); year on year, it increased by 1.2% as in the previous month.

Acceleration in energy prices year on year

Energy prices accelerated sharply in November 2017 after a slight slowdown in the previous month (+5.4% year on year after +4.8%). This upturn was due both to the sharper growth in the prices of petroleum products (+8.6% after +7.4%) and those of gas (+4.1% after +3.3% year on year). Electricity prices were up 1.5% year on year, just as in the previous three months.

Table1 – Detailed figures for various groups

2015: 100
Detailed figures for various groups
Items Weight Index Percentage change
2017 Nov. 2017 m-on-m change(2) y-on-y change(3
a) All households
Overall 10000 101.53 0.1 1.2
Overall SA(1) 10000 101.65 0.2 1.2
Food 1627 102.12 0.1 1.5
Fresh food 235 107.50 −0.7 3.6
Other food 1392 101.27 0.2 1.1
Tobacco 188 104.60 2.0 4.4
Manufactured products 2617 99.64 −0.1 −0.2
Clothing and footwear 433 104.33 0.2 −0.3
Medical products 433 94.58 −0.1 −1.6
Other manufactured products 1751 99.81 −0.1 0.1
Energy 748 104.83 1.6 5.4
Petroleum products 378 107.12 2.4 8.6
Services 4820 101.75 −0.1 1.0
Actual rentals and services for dwellings 779 101.23 0.1 0.5
Health services 600 102.11 −0.1 1.9
Transport 282 96.95 −2.8 1.0
Communication 242 98.29 0.3 −4.5
Other services 2917 102.56 0.0 1.5
Total except rents and tobacco 9183 101.53 0.1 1.2
Total except tobacco 9812 101.47 0.1 1.1
b) Urban working-class households or households of employees
All products excluding tobacco 9710 101.40 0.1 1.0
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9705 101.22 0.1 1.0
  • (1) seasonally adjusted
  • (2) [m/(m-1)] %
  • (3) Évolution [m/(m-12)] %
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Price stability in services

Year on year, services prices increased by 1.0%, as the two previous months. The prices of health services continued to rise (+1.9% after +1.8% year on year). In addition, the prices of telecommunications services fell again less than the previous month (−4.5% year-on-year after −5.1%). On the other hand, the airfare slowed down significantly (+0.3% after +2.1% year-on-year).

Further slighter decline in prices of manufactured products

Year-on-year, the decline in manufactured products prices softened for the third consecutive month (−0.2% in November after −0.3%). As in the previous month, this lesser drop came from those in the prices of clothing and footwear (−0.3% year-on-year after −0.4%) and in the prices of medical products (−1.6% after −1.7%). The prices of "other manufactured products" increased by 0.1% year on year, just as in October. This slight increase is the result of a further acceleration in the prices of new cars (+2.5% year on year after +2.1%) due to fewer promotions this year. Over a month, the prices of "other manufactured products" fell by 0.1% after slowing down in October. The monthly drop in prices of games and hobbies (−4.1%) and appliances (−0.7%), more pronounced than in November 2016, was partially offset by a slight rebound in the prices of furniture and furnishing (+0.1%) and those of glassware and tableware (+0.3%).

Stability in food prices

In November 2017, food prices rose by 1.5% year on year, as in October. Fresh produce prices slowed down significantly (+3.6% after +4.5% year on year): vegetable prices stackened sharply after a strong rebound the previous month (+4.9% after +11.1%) while the prices of fresh fruits significantly accelerated (+6.4% after +3.3%). Excluding fresh products, food prices rose by 1.1% over a year, as in October. The increase in oils and fats prices continues (+6.7% over one year after +5.6%).

Graph1 – Consumer Price Index (CPI), core inflation (ISJ) (1) and Harmonised Index of Consumer Prices (HICP) (2) year-on-year changes

Table2 – Detailed figures for Core inflation* and HICP(2)

2015: 100
Detailed figures for Core inflation* and HICP(2)
Items Weight Index Percentage change
2017 Nov. 2017 m-on-m change(3) y-on-y change(4)
Core inflation - All items 6134 101.26 0.1 0.5
Food excluding fresh products, meat, milk and exotic products 744 100.74 0.1 0.7
Manufactured products 2136 99.73 0.1 0.0
Services including actual rentals and services for dwellings 3254 102.41 0.1 0.8
HICP - All items 101.80 0.1 1.2
  • (1) 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”)
  • (2) 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.
  • (3) [m/(m-1)]
  • (4) [m/(m-12)]
  • Source: INSEE - Consumer Price Indices

Revisions

Compared with the provisional estimates published on 30 November 2017, the month-on-month and year-on-year changes in the CPI were confirmed. For the HICP, the annual trend is down 0.1 point, the monthly trend is confirmed.