14 June 2019

2019- n° 152

In May 2019, consumer prices rose by 0.1% over one month and by 0.9% year on year Consumer price index - final results - May 2019

In May 2019, the Consumer Prices Index (CPI) rose by 0.1% over a month, after +0.3% in April 2019. This slowdown came from a downturn, over a month, in services prices (−0.2% after +0.5%). Contrariwise, food prices sharply accelerated (+0.7% after +0.1%). Those of manufactured product (+0.2% after +0.1%) and tobacco (+0.3% after +0.1%) increased more than in the previous month. Finally, energy prices rose at the same pace as in April (+0.6%).

Seasonally adjusted, consumer prices fell back by 0.1% over a month, after +0.3% in April.

Year on year, consumer prices slowed down in May to +0.9% after +1.3% in April 2019. This drop in inflation resulted from a lesser dynamism in the prices of services, energy and food, and a more pronounced drop in those of manufactured product. Only tobacco prices gathered pace: +9.1% in May after +8.1%.

Year on year, core inflation fell to +0.5%, after +0.7% in April. The Harmonised Index of Consumer Prices (HICP) slowed down, over a month, to +0.1% in May, after +0.4% in April; year on year, it grew by 1.1%, after +1.5% in the previous month.

In May 2019, services prices were less dynamic than in April: +0.6% year on year after +1.0% in the previous month. Transport prices sharply fell back to −1.5% year on year after +0.5% in the previous month, in the wake of airfares (−2.5% after +3.3%). Health services prices dropped by 0.4% year on year following the implementation of the dental convention, after +0.1% in April. Those of communication services fell more than in April (−3.4% after −3.0%), as those of housing-related services (−0.2% after −0.1%). Finally, those of "other services" slowed down anew (+1.5% year on year after +1.8%).

Energy inflation decreased in May 2019 for the second consecutive month (+3.4% year on year after +4.8% in April and +5.1% in March). The petroleum products prices slowed down (+3.4% year on year after +5.7%), due to a less pronounced monthly rise than the previous year. Those of gas also decelerated (+12.2% year on year after +13.0%).

In May 2019, food prices rose by 2.3% year on year, after +2.5% in April 2019. Those in fresh products increased less strongly than in the previous month (+2.3% year on year after +3.7% in April), due to a downturn in the prices of fresh fruits (−2.8% after +0.5%) and a slowdown in those of fresh vegetables (+2.5% after +3.3%). Excluding fresh products, food prices rose at the same pace as in the previous month (+2.3% year on year).

Year on year, the fall in manufactured product prices was accentuated in May (−0.7% after −0.5%). This stronger drop came from these in the prices of clothing and footwear (−0.7% year on year after −0.2) and health products (−2.8% after −2.5%). The prices of “other manufactured products” barely dropped, as in April and March (−0.1% year on year). The prices of furniture and furnishings rebounded (+0.9% year on year after −0.4%) and those of glassware, tableware and household utensils gathered pace (+1.4% after +0.9%). Contrariwise, the prices of small electric household appliances fell more (−3.7% year on year after −2.7%) and those of gardens, plants and flowers sharply slowed down (+1.4% after +2.6%).

Compared with the provisional estimates published on May 29, 2019, the month-on-month and year-on-year changes in the CPI were down by 0.1 points. The month-on-month changein the HICP wasdown by 0.1points and this year-on-year confirmed.