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In May 2018, consumer prices rose by 0.4% over one month and by 2.0% year on yearConsumer price index - final results - May 2018

In May 2018, the Consumer Prices Index (CPI) accelerated to +0.4% over one month, after a slowdown in April (+0.2%). This higher rise came from those in energy prices (+2.0% after +0.9%), food prices (+0.9% after +0.1%) and “manufactured product” prices (+0.3% after +0.1%). Services prices increased at the same pace as in the previous month (+0.1%) and those of tobacco dropped by 0.6% after a stability in April.

Informations rapides N° 153
No 153
Principaux indicateurs
Paru le : 14/06/2018
Prochaine parution le : 13/09/2018 at 08:45 - August 2018

Monthly change: 0.4% in May; Year-on-year change: +2.0%

In May 2018, the Consumer Prices Index (CPI) accelerated to +0.4% over one month, after a slowdown in April (+0.2%). This higher rise came from those in energy prices (+2.0% after +0.9%), food prices (+0.9% after +0.1%) and “manufactured product” prices (+0.3% after +0.1%). Services prices increased at the same pace as in the previous month (+0.1%) and those of tobacco dropped by 0.6% after a stability in April.

Seasonally adjusted, consumer prices accelerated: +0.3% after +0.1% in April.

Year on year, consumer prices rose by 2.0%, 0.4 points of percentage more than in the previous month. This stronger increase resulted from a sharp year-on-year acceleration in energy prices and, to a lesser extent, in these of food and services. “Manufactured product” prices fell a little less than in the previous month and tobacco prices slowed down.

Slight rise in core inflation year on year

Year on year, core inflation slighlty increased: +1.0% after +0.8% in the previous month. The Harmonised Index of Consumer Prices (HICP) gathered pace to +0.5% after a slowdown in April (+0.2%); year on year, it grew by 2.3%, after +1.8% in the previous month.

Acceleration in energy prices year on year

Energy infation sharply gathered pace in May 2018 for the second consecutive month (+10.0% year on year after +6.3%), due to a stronger rise in petroleum product prices (+17.0% year on year after +10.7%) in the wake of Brent prices. On the same way, gas prices strongly grew (+4.1% year on year after +0.5%).

Table1 – Detailed figures for various groups

2015: 100
Detailed figures for various groups
Items Weight Index Percentage change
2018 May 2018 m-on-m change(2) y-on-y change(3)
a) All households
Overall 10000 103.36 0.4 2.0
Overall SA(1) 10000 103.02 0.3 2.0
Food 1627 103.64 0.9 1.8
Fresh food 243 114.87 4.7 5.0
Other food 1384 101.83 0.2 1.2
Tobacco 193 119.21 −0.6 16.1
Manufactured products 2594 99.68 0.3 −0.2
Clothing and footwear 416 104.59 0.9 −0.2
Medical products 425 92.79 −0.1 −2.3
Other manufactured products 1753 100.26 0.2 0.3
Energy 777 112.71 2.0 10.0
Petroleum products 408 120.64 3.5 17.0
Services 4809 103.23 0.1 1.5
Actual rentals and services for dwellings 764 101.77 0.1 0.7
Health services 617 102.52 0.1 1.1
Transport 282 100.33 −2.6 2.4
Communication 223 99.61 0.5 1.1
Other services 2923 104.35 0.4 1.7
Total except rents and tobacco 9192 103.20 0.5 1.8
Total except tobacco 9807 103.06 0.5 1.8
b) Urban working-class households or households of employees
All products excluding tobacco 9706 102.93 0.5 1.7
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9700 102.75 0.4 1.7
  • (1) seasonally adjusted
  • (2) [m/(m-1)]
  • (3) [m/(m-12)]
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

New rise in food inflation

In May 2018, food prices rose more than in April: +1.8% year on year after +1.6%, the highest increase since August 2013. The prices of fresh food products sharply accelerated (+5.0% year on year after +3.9%), in line with a stronger rise in prices of fresh vegetables (+7.3% after +5.8%) and fresh fruits (+8.5% after +6.8%). Excluding fresh products, food prices were up by 1.2% year on year for the fourth consecutive month.

Tobacco prices slowed down, but remained dynamic (+16.1% year on year after +16.5%).

Slight rise in services inflation

Year on year, services prices rose by 1.5% after +1.4% in April. Transport prices gathered pace (+2.4% year on year after +1.2%), due to a rebound in airfares (+2.0% year on year after −0.9%). The prices of rail transport rose more (+0.8% year on year after +0.5%), because of longer promotional offers in discount cards in May 2017. The prices of communication services sharply rebounded (+1.1% year on year after −0.5%). Moreover the prices of actual rentals and services for dwellings (+0.7% after +0.5%) and of accommodation services (+3.5% year on year after +3.2%) slightly accelerated after a slowdown in the previous month. On the other hand, insurance prices slowed down (+1.7% after +2.3%), as those of health services (+1.1% year on year after +1.7%). Their prices sharply grew in May 2017 due to the increase in general practice fees.

Lesser drop in manufactured products prices year on year

Year on year, “manufactured product” prices dropped by 0.2% after −0.3% in the previous month. Clothing and footwear prices dropped a little less than in April (−0.2% year on year after −0.6%), due to a lesser fall in clothing prices (−0.1% year on year after −0.8%). The prices of “other manufactured products” barely accelerated (+0.3% year on year after +0.2%). New motor cars prices rose more (+2.2% year on year after +1.4%) and those in household appliances dropped more markedly than in the previous month (−1.7% after −1.2%) and those of furniture edged down after a stability in April (−0.5%). On the other hand, health product prices dropped again (−2.3% year on year after −2.4%).

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(1) and HICP(2)

2015: 100
Detailed figures for Core inflation(1) and HICP(2)
Items Weight Index Percentage change
2018 May 2018 m-on-m change(3) y-on-y change(4)
Core inflation - All items 6041 102.01 0.2 1.0
Food excluding fresh products, meat, milk and exotic products 740 101.27 0.2 0.8
Manufactured products 2125 99.90 0.1 0.2
Services including actual rentals and services for dwellings 3176 103.64 0.2 1.6
HICP - All items 103.92 0.5 2.3
  • (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 May 31, 2018, the month-on-month and year-on-year changes in the CPI are unchanged. The month-on-month change in the HICP are up by 0.1points and the year-on-year change is confirmed.