14 August 2019
2019- n° 209In July 2019, consumer prices edged down by 0.2% over one month and rose by 1.1% year
on year Consumer price index - final results - July 2019
- Monthly change: -0.2% in July; Year-on-year change: +1.1%
- Stability in core inflation year on year
- Further decline in energy inflation
- Slight slowdown in services prices year on year
- Sharper rise in food prices year on year
- Slighter decline in manufactured products prices year on year
- Revisions
- For further information
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.
tableauConsumer 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 |
graphiqueConsumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes
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.
tableauDetailed figures for various groups
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.
tableauDetailed figures for Core inflation and HICP
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.
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
Pour en savoir plus
Next publication of provisional results: 30 August 2019, 8.45 am
Next publication of final results: 12 September 2019, 8.45 am