Informations rapides
14 August 2018
2018 - n° 212
In July 2018, consumer prices decreased by 0.1 over one month and rose by 2.3% year on yearConsumer price index - final results - July 2018

In July 2018, the Consumer Prices Index (CPI) declined by 0.1%, after a stability in June. This slight drop came from a seasonal fall in manufactured product prices (−2.8%) due to summer sales, partly offset by a rebound in services prices (+1.1%), essentially in airfares with the beginning of school holidays. Energy prices slowed down (+0.5% after +0.9%). Finally, food prices recovered slightly (+0.1% after −0.2%).

Informations rapides
No 212
Paru le : Paru le 14/08/2018
Prochaine parution le : 13/07/2022 at 08:45 - June 2022

Monthly change: -0.1% in July; Year-on-year change: +2.3%

In July 2018, the Consumer Prices Index (CPI) declined by 0.1%, after a stability in June. This slight drop came from a seasonal fall in manufactured product prices (−2.8%) due to summer sales, partly offset by a rebound in services prices (+1.1%), essentially in airfares with the beginning of school holidays. Energy prices slowed down (+0.5% after +0.9%). Finally, food prices recovered slightly (+0.1% after −0.2%).

Seasonally adjusted, consumer prices accelerated to +0.3% after a stability in June.

Year on year, consumer prices rose by 2.3%, that is 0.3 points of percentage more than in the previous month. This stronger inflation resulted essentially from a year-on-year acceleration in energy prices, and to a lesser extent, in service prices and tobacco prices. The lesser drop in manufactured product prices also contributed to the rise in inflation. Finally, the year-on-year inflation in food prices was unchanged.

Slight rise in core inflation year on year

Year on year, core inflation slighlty rose: +0.9% after +0.8% in the previous month. The Harmonised Index of Consumer Prices (HICP) dropped by 0.1% in July, after a stability in June; year on year, it grew by 2.6%, following 2.3% in the previous month.

Further acceleration in energy prices year on year

In July 2018, energy inflation increased for the fourth consecutive month (+14.3% year on year after +12.3% in June) owing to a strong acceleration in gas prices (+17.3% year-on-year after +6.4% last month) and to a further increase in the prices of petroleum products (+21.8% over a year after +21.0%).

Table1Detailed figures for various groups

2015: 100
Detailed figures for various groups (2015: 100) -
Items Weight Index Percentage change
2018 July 2018 m-on-m change(2) y-on-y change(3)
a) All households
Overall 10000 103.28 −0.1 2.3
Overall SA(1) 10000 103.38 0.3 2.3
Food 1627 103.59 0.1 1.9
Fresh food 243 113.08 −0.1 6.4
Other food 1384 102.06 0.2 1.2
Tobacco 193 119.74 0.4 16.8
Manufactured products 2594 96.88 −2.8 −0.1
Clothing and footwear 416 90.30 −13.9 0.8
Medical products 425 92.76 −0.1 −2.2
Other manufactured products 1753 99.34 −0.8 0.1
Energy 777 114.23 0.5 14.3
Petroleum products 408 120.92 −0.9 21.8
Services 4809 104.36 1.1 1.3
Actual rentals and services for dwellings 764 100.79 0.0 −0.3
Health services 617 102.62 0.1 0.4
Transport 282 109.37 8.7 1.4
Communication 223 98.27 −0.1 0.7
Other services 2923 105.69 1.1 1.9
Total except rents and tobacco 9192 103.18 −0.1 2.2
Total except tobacco 9807 102.96 −0.1 2.0
b) Urban working-class households or households of employees
All products excluding tobacco 9706 102.54 −0.3 1.9
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9700 102.49 −0.2 2.0
  • (1) seasonally adjusted
  • (2) [m/(m-1)]
  • (3) [m/(m-12)]
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Slight rise in services inflation

Year on year, services prices rose by 1.3% (+1.2% last month). Transport prices gathered pace (+1.4% year-on-year after +0.6%), particularly those of airfares (+1.0% year-on-year after +0.6%). The prices of rail transport also rose (+0.5% year-on-year after −0.2%) due to the end of promotional offers on discount cards. In this first month of school holidays, accommodation service prices accelerated to +5.7% over one year, after +5.2% in June. The year-on-year rise in communication services prices remained at 0.7%. By contrast, insurance prices slowed down (+1.2% after +1.6% over a year), as to a lesser extent those of health services (+0.4% after +0.5% year on year). Moreover, the prices of actual rentals and of services for dwellings decreased again (−0.3% after −0.2%).

Slighter decline in manufactured products prices year on year

Year on year, manufactured products prices dropped by 0.1%, after a 0.2% decrease in the previous month. Indeed, clothing and footwear prices bounced back to +0.8% over a year (−0.3% in June), due to a lesser impact of summer sales than last year. However; the prices of “other manufactured products” slightly slowed down (+0.1% year on year after +0.2%): the further rise in new motor cars prices (+2.3% year on year after +1.8%) was offset by the sharp downturn in the prices of furniture and furnishing (−0.7% year-on-year after +0.8%) and equipement for sport (−1.9% over a year after −0.5%). Furthermore, health product prices decreased by 2.2% year on year as in June.

Inflation in food prices was unchanged

In July 2018, food prices rose by 1.9% over a year, as in the previous month. The prices of fresh products accelerated once again (+6.4% year-on-year after +5.9%), because of a sharper rise in fresh vegetables prices (+10.1% y-o-y after +8.3%) and in fresh seafood prices (+3.1% after +1.1% year on year). Nevertheless, fresh fruits prices slowed down in July (+8.0% year-on-year after +9.1%). Excluding fresh products, food prices rose by 1.2% over a year, the same year-on-year increase as in the six last months.

Graph1Consumer Price Index (CPI), core inflation (ISJ) (1) and Harmonised Index of Consumer Prices (HICP) (2) year-on-year changes

Table2Detailed figures for Core inflation(1) and HICP(2)

2015: 100
Detailed figures for Core inflation(1) and HICP(2) (2015: 100) -
Items Weight Index Percentage change
2018 July 2018 m-on-m change(3) y-on-y change(4)
Core inflation - All items 6041 102.00 0.1 0.9
Food excluding fresh products, meat, milk and exotic products 740 101.25 −0.1 0.6
Manufactured products 2125 100.14 0.1 0.3
Services including actual rentals and services for dwellings 3176 103.49 0.2 1.4
HICP - All items 103.80 −0.1 2.6
  • (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 July 31, 2018, the month-on-month and year-on-year changes in the CPI and in the HICP are unchanged.

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