14 août 2019
N° 2019-209

In July 2019, consumer prices edged down by 0.2% over one month and rose by 1.1% year on yearConsumer price index - final results - July 2019

Informations rapides
No 209
Paru le : Paru le 14/08/2019
Prochaine parution le : 12/09/2019 at 08:45 - August 2019
Informations rapides  No 209 - août 2019

Monthly change: -0.2% in July; Year-on-year change: +1.1%

In July 2019, the Consumer Prices Index (CPI) fell back by 0.2% over a month, after a rise by 0.2% in June. This dip resulted from a seasonal fall in manufactured product prices (−2.8% after a stability in June) due to summer sales, and a sharp decline in energy prices (−1.1% after −0.1%). Contrariwise, services prices gathered pace (+1.0% after +0.5%), essentially due to airfares with the beginning of school holidays. Food prices were also more dynamic than in the previous month (+0.5% after +0.1%). Finally, tobacco prices rose slightly by 0.2% over a month after a stability in June.

Seasonally adjusted, consumer prices slowed down to +0.1% in July 2019, after +0.3%.

Year on year, consumer prices rose by +1.1%, after +1.2% in June. This slight drop in inflation came from a year-on-year slowdown in energy, services and tobacco prices. Contrariwise, a sharp acceleration in food prices and a smaller drop in the prices for manufactured products limited the drop in inflation.

Stability in core inflation year on year

Year on year, core inflation was unchanged: +0.9%, as in the previous month. The Harmonised Index of Consumer Prices (HICP) slowed down, over a month, to −0.2% in July, after +0.3% in June; year on year, it grew by +1.3%, after +1.4% in the previous month.

Consumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes

Consumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes ()
HICP ISJ CPI
2014-01 0.8 0.2 0.6
2014-02 1.1 0.8 0.9
2014-03 0.8 0.5 0.6
2014-04 0.8 0.5 0.7
2014-05 0.8 0.3 0.7
2014-06 0.6 0.1 0.5
2014-07 0.6 0.1 0.5
2014-08 0.5 0.3 0.4
2014-09 0.4 0.1 0.3
2014-10 0.5 0.0 0.5
2014-11 0.4 -0.2 0.3
2014-12 0.1 -0.1 0.1
2015-01 -0.4 0.1 -0.4
2015-02 -0.3 0.2 -0.3
2015-03 0.0 0.2 -0.1
2015-04 0.1 0.4 0.1
2015-05 0.3 0.5 0.3
2015-06 0.3 0.5 0.3
2015-07 0.2 0.6 0.2
2015-08 0.1 0.5 0.0
2015-09 0.1 0.6 0.0
2015-10 0.2 0.8 0.1
2015-11 0.1 0.9 0.0
2015-12 0.3 0.9 0.2
2016-01 0.3 0.9 0.2
2016-02 -0.1 0.8 -0.2
2016-03 -0.1 0.7 -0.1
2016-04 -0.1 0.6 -0.2
2016-05 0.1 0.6 0.0
2016-06 0.3 0.7 0.2
2016-07 0.4 0.5 0.2
2016-08 0.4 0.4 0.2
2016-09 0.5 0.7 0.4
2016-10 0.5 0.5 0.4
2016-11 0.7 0.6 0.5
2016-12 0.8 0.4 0.6
2017-01 1.6 0.6 1.3
2017-02 1.4 0.2 1.2
2017-03 1.4 0.3 1.1
2017-04 1.4 0.4 1.2
2017-05 0.9 0.3 0.8
2017-06 0.8 0.4 0.7
2017-07 0.8 0.5 0.7
2017-08 1.0 0.4 0.9
2017-09 1.1 0.4 1.0
2017-10 1.2 0.4 1.1
2017-11 1.2 0.5 1.2
2017-12 1.2 0.5 1.2
2018-01 1.5 0.9 1.3
2018-02 1.3 0.9 1.2
2018-03 1.7 0.9 1.6
2018-04 1.8 0.9 1.6
2018-05 2.3 1.0 2.0
2018-06 2.3 0.8 2.0
2018-07 2.6 0.9 2.3
2018-08 2.6 0.9 2.3
2018-09 2.5 0.7 2.2
2018-10 2.5 0.8 2.2
2018-11 2.2 0.7 1.9
2018-12 1.9 0.7 1.6
2019-01 1.4 0.7 1.2
2019-02 1.6 0.7 1.3
2019-03 1.3 0.5 1.1
2019-04 1.5 0.7 1.3
2019-05 1.1 0.5 0.9
2019-06 1.4 0.9 1.2
2019-07 1.3 0.9 1.1

Consumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes

  • Source: INSEE.

Further decline in energy inflation

Energy inflation decreased in July 2019 for the fourth consecutive month (+0.8% year on year after +2.4% in June). This slowdown was due to a sharp decline in gas prices (−2.8% year on year after +10.5%). This decline is, however, limited by a smaller drop in petroleum product prices (−1.0% after −1.3%).

Slight slowdown in services prices year on year

Year on year, services prices decelerated to +1.1% in July 2019, after +1.2% in June. Transport prices slowed down to +0.9% year on year after +1.5% in the previous month, in the wake of airfares (+1.4% year on year after +2.4%). The prices of “other services” also decelerated to 1.6% after +1.7%. Furthermore, the drop in communication services prices was accentuated in July (−2.0% after −1.1%). Finally, inflation in health services and that in housing-related services were stable over a year.

Detailed figures for various groups

2015:100
Detailed figures for various groups (2015:100)
Items Weight Index Percentage change
2019 July 2019 m-on-m change (2) y-on-y change (3)
a) All households
Overall 10000 104.38 -0.2 1.1
Overall SA(1) 10000 104.43 0.1 1.1
Food 1619 106.66 0.5 3.0
Fresh food 244 120.75 2.8 6.8
Other food 1375 104.39 0.1 2.3
Tobacco 191 130.23 0.2 8.8
Manufactured products 2556 96.27 -2.8 -0.6
Clothing and footwear 400 90.61 -12.8 0.3
Medical products 416 89.83 -0.2 -3.2
Other manufactured products 1740 99.05 -1.1 -0.3
Energy 804 115.13 -1.1 0.8
Petroleum products 425 119.67 -0.6 -1.0
Services 4830 105.46 1.0 1.1
Actual rentals and services for dwellings 746 101.52 0.0 0.7
Health services 604 102.38 0.1 -0.2
Transport 285 110.35 8.1 0.9
Communication 219 96.26 -1.0 -2.0
Other services 2976 107.41 1.0 1.6
Total except rents and tobacco 9208 104.13 -0.2 0.9
Total except tobacco 9809 103.91 -0.2 0.9
b) Urban working-class households or households of employees
All products excluding tobacco 9707 103.43 -0.4 0.9
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9700 103.41 -0.3 0.9
  • (1) seasonally adjusted
  • (2) : [m/(m-1)]
  • (3) : [m/(m-12)]
  • Champ : France hors Mayotte
  • Source : Insee - indices des prix à la consommation

Sharper rise in food prices year on year

In July 2019, food prices rose by 3.0% year on year, after +2.6% in June 2019. Those of fresh products increased much faster than in the previous month (+6.8% year on year after +3.7% in June), due to a marked acceleration in the prices of fresh vegetables (+10.6% after +6.9%). Excluding fresh products, food prices rose at the same pace as in the three previous months (+2.3% year on year).

Slighter decline in manufactured products prices year on year

Year on year, manufactured product prices dropped by 0.6%, after a 0.7% decrease in the previous month. This decline was due in particular to the drop in “other manufactured products” prices (−0.3% year on year after stability in June): the new motor cars prices sharply fell back (−0.5% after +1.4%), the prices of audiovisual and information processing equipment decreased more than in the previous month (−3.6% after −3.2%) just as the prices of travel goods (−1.2% after −0.1%). In addition, the drop in health product prices was slighty accentuated (−3.2% after −3.1%). Nevertheless, this decline is limited by the rebound in clothing and footwear prices (+0.3% after −0.9%), due to a lesser impact of summer sales than last year.

Detailed figures for Core inflation and HICP

2015:100
Detailed figures for Core inflation and HICP (2015:100)
Items Weight Index Percentage change
2019 July 2019 m-on-m change (1) y-on-y change (2)
Core inflation - All items 6048 102.87 0.1 0.9
Food excluding fresh products. meat. milk and exotic products 740 103.22 0.0 1.9
Manufactured products 2091 99.86 0.1 -0.1
Services including actual rentals and services for dwellings 3217 104.77 0.0 1.3
HICP - All items 10000 105.11 -0.2 1.3
  • (1) : [m/(m-1)]
  • (2) : [m/(m-12)]
  • Source: INSEE - Consumer Price Indices

Revisions

Compared with the provisional estimates published on July 31, 2019, the month-on-month and year-on-year changes in the CPI and in the HICP have been confirmed.

Encadré

For further information

Next publication of provisional results: 30 August 2019, 8.45 am

Next publication of final results: 12 September 2019, 8.45 am

Documentation

Methodology (pdf, 198 Ko)

Methodology (pdf, 141 Ko)

Next publication of provisional results: 30 August 2019, 8.45 am

Next publication of final results: 12 September 2019, 8.45 am


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