13 December 2018
N° 2018-323

In November 2018, consumer prices edged down by 0.2% over one month and rose by 1.9% year on yearConsumer price index - final results - November 2018

In November 2018, the Consumer Prices Index (CPI) fell back by 0.2% over a month, after a 0.1% rebound in October. This downturn resulted from that in services prices (−0.3% after a stability in October) and in energy prices (−0.7% after +1.8%). Food prices dropped by 0.2%, as in the previous month, the downturn in fresh food prices being offset by higher prices in other food products. Contrariwise, manufactured product prices rose by 0.1% over a month after a stability in October.

Informations rapides
No 323
Paru le : Paru le 13/12/2018
Prochaine parution le : 12/06/2020 at 08:45 - May 2020
Informations rapides  No 323 - December 2018

Monthly change: -0,2% in November ; Year-on-year change: +1,9%

In November 2018, the Consumer Prices Index (CPI) fell back by 0.2% over a month, after a 0.1% rebound in October. This downturn resulted from that in services prices (−0.3% after a stability in October) and in energy prices (−0.7% after +1.8%). Food prices dropped by 0.2%, as in the previous month, the downturn in fresh food prices being offset by higher prices in other food products. Contrariwise, manufactured product prices rose by 0.1% over a month after a stability in October.

Seasonally adjusted, consumer prices edged down by 0.1% over a month, after a 0.1% increase in October.

Year on year, consumer prices increased by 1.9% in November, after +2.2% in October. This drop in inflation came from a year-on-year slowdown in energy, services, food and tobacco prices, which was barely offset by a lesser fall in manufactured product prices.

Slight drop in core inflation year on year

Year on year, core inflation slightly dropped: +0.7% after +0.8% in the previous month. The Harmonised Index of Consumer Prices (HICP) edged down by 0.2% in November, after +0.1% in October; year on year, it grew by 2.2%, after +2.5% in the previous month.

Slowdown in energy prices year on year

Energy inflation dropped in November 2018, after an increase in the previous month (+11.2% year on year after +13.8% in October). This downturn was due to a pronounced slowdown in petroleum products prices (+14.7% year on year after +20.7%): over a month, they fell by 2.6%, in the wake of petroleum prices. Gas prices accelerated for the seventh consecutive month (+26.2% after +22.7%).

Table1Detailed figures for various groups

2015: 100
Detailed figures for various groups (2015: 100) -
Items Weight Index Percentage change
2018 Nov. 2018 m-on-m change(2) y-on-y change(3)
a) All households
Overall 10000 103.45 −0.2 1.9
Overall SA(1) 10000 103.58 −0.1 1.9
Food 1627 104.11 −0.2 1.9
Fresh food 243 112.84 −2.5 5.0
Other food 1384 102.71 0.3 1.4
Tobacco 193 119.76 0.0 14.5
Manufactured products 2594 99.37 0.1 −0.3
Clothing and footwear 416 104.22 0.1 −0.1
Medical products 425 92.51 0.0 −2.2
Other manufactured products 1753 99.96 0.1 0.2
Energy 777 116.58 −0.7 11.2
Petroleum products 408 122.92 −2.6 14.7
Services 4809 102.80 −0.3 1.0
Actual rentals and services for dwellings 764 100.91 0.0 −0.3
Health services 617 102.37 −0.1 0.3
Transport 282 97.26 −3.0 0.3
Communication 223 94.75 −1.4 −3.6
Other services 2923 104.59 −0.1 2.0
Total except rents and tobacco 9192 103.37 −0.2 1.8
Total except tobacco 9807 103.14 −0.2 1.6
b) Urban working-class households or households of employees
All products excluding tobacco 9706 102.92 −0.2 1.5
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9700 102.78 −0.2 1.5
  • (1) seasonally adjusted
  • (2) [m/(m-1)]
  • (3) [m/(m-12)]
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Slowdown in services prices year on year

Year on year, services prices were less dynamic than in the previous month (+1.0% after +1.2%). Transport prices decelerated (+0.3% year on year after +0.5%), due to a downdurn in airfares (−0.3% after +1.0%). Accomodation services prices slowed down too (+4.0% after +5.2%) and those in communication services prices dropped more than in October (−3.6% after −1.9%) because of new fees. Health services prices rose by 0.3% year on year, as in October.

Further slowdown in food prices year on year

In November 2018, food prices decelerated for the second consecutive month: +1.9% year on year, after +2.2% in the previous month. The prices in fresh products sharply slackened, as in October (+5.0% year on year after +7.0%): fresh vegetables prices decelerated (+5.3% after +9.0%) and those of fresh fruits also slowed down (+3.5% year on year after +5.0%). Excluding fresh products, food prices rose by 1.4% year on year for the fourth consecutive month.

Lesser drop in manufactured product prices year on year

Year on year, the fall in manufactured product prices was slighty softened in November (−0.3% after −0.4%). This lesser drop came from a 0.2% rise in the prices of “other manufactured products” in November after a stability in October: furniture prices rebounded (+0.6% year on year after −0.2%) and the drop in small household appliances prices was significantly less marked (−1.9% after −4.1%). The prices of health products decreased barely less than in October: −2.2% year on year after −2.3%.

Conversely, prices in clothing and footwear fell back by 0.1% year on year, after a stability in the previous month.

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 Nov. 2018 m-on-m change(3) y-on-y change(4)
Core inflation - All items 6041 101.96 0.0 0.7
Food excluding fresh products, meat, milk and exotic products 740 101.89 0.1 1.2
Manufactured products 2125 99.80 0.1 0.1
Services including actual rentals and services for dwellings 3176 103.44 −0.1 1.0
HICP - All items 104.00 −0.2 2.2
  • (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 November 30, 2018, the month-on-month and year-on-year changes in the CPI and in the HICP are confirmed.


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