In May 2019, consumer prices rose by 0.1% over one month and by 0.9% year on yearConsumer price index - final results - May 2019
Monthly change: +0.1% in May; Year-on-year change: +0.9%
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%.
Drop in core inflation year on year
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.
tableau Consumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes
Sharp slowdown in services prices
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%).
tableau Detailed figures for various groups
|2019||May 2019||m-on-m change (2)||y-on-y change (3)|
|a) All households|
|Clothing and footwear||400||103.81||0.3||-0.7|
|Other manufactured products||1740||100.15||0.2||-0.1|
|Actual rentals and services for dwellings||746||101.55||0.0||-0.2|
|Total except rents and tobacco||9208||104.08||0.1||0.9|
|Total except tobacco||9809||103.86||0.1||0.8|
|b) Urban working-class households or households of employees|
|All products excluding tobacco||9707||103.65||0.1||0.7|
|c) Households that belong to the lowest equivalized disposable income quintile - France|
|All products excluding tobacco||9700||103.42||0.0||0.7|
- (1) seasonally adjusted
- (2) : [m/(m-1)]
- (3) : [m/(m-12)]
- Champ : France hors Mayotte
- Source : Insee - indices des prix à la consommation
New drop in energy inflation
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%).
Slowdown in food prices
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).
Accentuated drop in manufactured product prices 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%).
tableau Detailed figures for Core inflation and HICP
|2019||May 2019||m-on-m change (1)||y-on-y change (2)|
|Core inflation - All items||6048||102.40||-0.1||0.5|
|Food excluding fresh products. meat. milk and exotic products||740||103.15||0.1||1.9|
|Services including actual rentals and services for dwellings||3217||104.10||-0.2||0.6|
|HICP - All items||10000||105.06||0.1||1.1|
- (1) : [m/(m-1)]
- (2) : [m/(m-12)]
- Source: INSEE - Consumer Price Indices
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.
Next publication of provisional results: 28 June 2019, 8.45 am
Next publication of final results: 11 July 2019, 8.45 am