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
- 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
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.
tableau Consumer 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.
tableau Detailed figures for various groups
|2019||July 2019||m-on-m change (2)||y-on-y change (3)|
|a) All households|
|Clothing and footwear||400||90.61||-12.8||0.3|
|Other manufactured products||1740||99.05||-1.1||-0.3|
|Actual rentals and services for dwellings||746||101.52||0.0||0.7|
|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.
tableau Detailed figures for Core inflation and HICP
|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|
|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
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.
Next publication of provisional results: 30 August 2019, 8.45 am
Next publication of final results: 12 September 2019, 8.45 am