11 April 2019

2019- n° 95

In March 2019, consumer prices roseby 0.8% over one month and by 1.1% year on year Consumer price index - final results - March 2019

In March 2019, the Consumer Prices Index (CPI) rose by 0.8% over a month, after a stability in February 2019. The rebound in manufactured product prices (+2.1% after −0.4%) and the increase in those of services (+0.2% after 0.0%) and tobacco (+7.3% after 0.0%) were slightly attenuated by a slowdown in energy prices (+1.1% after +1.3%) and a downturn in food prices (−0.2% after +0.2%).

Seasonally adjusted, consumer prices increased by 0.1% over a month, after a stability in February.

Year on year, consumer prices rose by 1.1% in March 2019, after +1.3% in February. This drop in inflation came from a year-on-year slowdown in the prices of food, tobacco and services and from a little stronger fall than in February in those of manufactured products. Contrariwise, energy prices accelerated.

Year on year, core inflation fell to +0.5%, after +0.7% in the four previous months. The Harmonised Index of Consumer Prices (HICP) gathered pace by +0.9% over a month in March, after +0.1% in February; year on year, it grew by 1.3%, after +1.6% in the previous month.

In March 2019, food prices sharply slowed down to +2.5% year on year after a sharp acceleration in the previous month (+3.1% in February after +2.7%). Those in fresh products were strongly less dynamic than in the previous month (+4.2% year on year after +8.3%), due to a marked slowdown in the prices of fresh vegetables (+3.6% after +13.6%) and fresh fruits (+1.3% after +2.7%) while those of fresh fish accelerated (+6.0% after +4.1%). Excluding fresh products, food prices grew a little more (+2.2% after +2.1%), in particular those of alcoholic beverages (+3.1% after +2.7%) and non-alcoholic beverages (+2.9% after +2.7%).

Tobacco prices slowed down to +8.1% year on year after +14.0%, the increase over a month (+7.3%) being less marked than in the previous year (+13.2%).

In March 2019, services prices rose less than in February: +0.6% year on year after +0.9% in the previous month. The fall in those of transport was accentuated (−0.9% year on year after −0.5%),in particular airfares (−3.3%after −3.1%). Communication services prices dropped more (−3.3% after −3.1%). The prices for "other services" deceleratedagain (+1.4% year on year after +1.7%). Health services prices edged down by 0.2% year on year after +0.1% in February. Finally, the housing-related services prices dropped by 0.2% year on year, as in the previous month.

Year on year, the fall in manufactured product prices was accentuated slightly in March (−0.6% after −0.5%). This drop, a little stronger, came from a downturn in the prices of clothing and footwear (−0.3% year on year after +0.8%), due to a rebound, over a month, less marked this year after the winter sales. Contrariwise, the prices of health products dropped less than in February (−2.7% after −3.0%), as those of “other manufactured products” (−0.1% year on year after −0.2%). The prices of glassware, tableware and household utensils (+1.4% after +0.6%) and of newspapers and periodicals (+4.8% after +4.3%) accelerated. Those of toys, games and hobbies dropped less than in February (−3.2% year on year after −3.9%) and those of interior furnishing fell by 0.5% after a stability in the previous month.

Energy inflation rose in March 2019 for the second consecutive month (+5.1% year on year after +3.2% in February and +1.9% in January). The petroleum products prices sharply gathered pace (+6.0% year on year after +3.2%): over a month, their prices slowed down (+2.0% after +2.4%), but rose while they dropped by 0.6% in March 2018. Gas prices rose more than in the previous month (+14.4% year on year after +11.5%).

Compared with the provisional estimates published on March 29, 2019, the month-on-month and year-on-year changes in the CPI and in the HICP are confirmed.