14 March 2019

2019- n° 62

In February 2019, consumer prices were stable over one month and rose by 1.3% year on year Consumer price index - final results - February 2019

In February 2019, the Consumer Prices Index (CPI) was stable over a month, after a 0.4% downturn in December. The rebound in energy prices (+1.3% after −1.2%) was offset by a decline in fresh food prices (−1.3% after +2.4%) and the lesser drop in manufactured product prices (−0.4% after −2.1%). At last, the prices of services are stable in February.

Seasonally adjusted, consumer prices were stable over a month, after +0.2% in January.

Year on year, consumer prices increased by 1.3% in February 2019, after +1.2% in January. This slight rise in inflation came from a year-on-year acceleration in energy and food prices, partly offset by a slowdown in services prices and a higher decrease in those of manufactured products.

Year on year, core inflation was unchanged to +0.7%, as in the three previous months. The Harmonised Index of Consumer Prices (HICP) rebounded to +0.1% over a month in February, after −0.6% in January; year on year, it grew by 1.6%, after +1.4% in the previous month.

In February 2019, food prices sharply accelerated: +3.1% year on year after +2.7% in the previous month. Those in fresh products were barely less dynamic than in the previous month (+8.3% year on year after +8.4%): the prices in fresh fruits (+2.7% after +3.6%) and in fresh fish (+4.1% after +5.5%) slowed down, while those in fresh vegetables (+13.6% after +13.0%) rose more. Excluding fresh products, food prices increased, simultaneously with the entry into force of the law “Agriculture and food” (+2.1% after +1.7%), in particular those of alcoholic beverages (+2.7% after +1.8%), non-alcoholic beverages (+2.7% after +2.2%) and those of oils and fats (+7.4% after +6.7%).

Energy inflation sharply rose in February 2019 after three consecutive months of decline (+3.2% year on year after +1.9% in January and +8.0% in December), due to an acceleration in petroleum products prices (+3.2% year on year after +0.2%). Contrariwise, gas prices slowed down in February (+11.9% year on year after +12.7%) and electricity prices fell (−0.3% year on year after +0.2%).

In February 2019, services prices slightly slowed down: +0.9% year on year after +1.0% in the previous month. Those of transport fell by 0.5% year on year after −0.1% in January, in particular airfares (−2.5% year on year after −1.0%). The drop in housing-related services prices weakened (−0.2% year on year after −0.4%). The prices for "other services" decelerated (+1.7% year on year after +1.9%). Finally, health services prices (+0.1%) and communication services prices (−3.1%) changed year on year at a near pace as these of January.

Year on year, the fall in manufactured product prices was accentuated in February (−0.5% after −0.4%). This sharper drop came from that of the prices in health products (−3.0% after −2.8%) and in “other manufactured products” (−0.2% after −0.1%). In particular, the prices of sports equipment decreased (−1.4% after 0.0%), those of interior furnishing products were stable after +0.3% in the previous month. Motor car prices slowed down (+1.0% after +1.3%). Contrariwise, the prices of clothing and footwear are more dynamic (+0.8% year on year after +0.5%), the monthly droprelated to the sales, who ended during the month, being less pronounced this year

Compared with the provisional estimates published on February 28, 2019, the month-on-month and year-on-year changes in the CPI are confirmed. The month-on-month change in the HICP is confirmed and the year-on-year change is up by 0.1 points.