12 December 2019

2019- n° 320

In November 2019, consumer prices rose by 0.1% over one month and by 1.0% year on year Consumer price index - final results - November 2019

In November 2019, the Consumer Prices Index (CPI) rose by 0.1% over a month, after a stability in October. This slight increase resulted from the sharp rise in tobacco prices (+6.0% after 0.0%) and a more moderate one in the prices of energy (+0.3% after 0.0%) and food (+0.1% after −0.4%). The drop in services prices was accentuated (−0.2% after −0.1%) and the prices of manufactured products slightly edged down (−0.1% after +0.3%).

Seasonally adjusted, consumer prices rose by 0.2% in November after a stability in October.

Year on year, consumer prices gathered pace after four consecutive months of slowdown: +1.0% after +0.8%. This rise in inflation came from a sharp acceleration in tobacco prices, an accentuated dynamism in those of food and services and a lesser drop in energy prices. Contrariwise, the prices of manufactured products dropped a little less than in the previous month.

Year on year, core inflation was stable in November: +1.0%, as in the previous month. The Harmonised Index of Consumer Prices (HICP) rose by 0.1% over a month, after −0.1% in October; year on year, it accelerated to +1.2%, after +0.9% in the previous month.

In November 2019, food prices gathered pace to +2.1% year on year after +1.8% in October. Those of fresh products sharply rebounded (+2.3% year on year after −0.1%), due to a monthly lesser drop (−0.2%) than in November 2018 (−2.5%). The prices of fresh vegetables rebounded (+2.2% year on year after −3.7%). Excluding fresh products, food prices hardly slowed down (+2.0% year on year after +2.1%).

Tobacco prices sharply accelerated to +15.3% year on year after +8.8% due to a high tax rise.

Year on year, services prices were a little more dynamic than in October: +1.3% after +1.2%. The prices of transport services gathered pace, as in the previous month (+2.1% year on year after +1.6%), in the wake of combined passenger transport (+1.0% after +0.2%) and passenger transport by road (+4.0% after +2.0%) whereas airfares slowed down (+2.7% after +3.3%). The prices of communication services also rose more year on year (+2.3% after +0.9%): over a month, they were stable against a 1.4% drop in November 2018. The prices of housing-related services hardly accelerated (+0.8% after +0.7%). Those of health services were stable year on year, after −0.2% in October. Finally, the prices of “other services” increased at the same pace as in the previous month (+1.6%).

Year on year, energy prices fell less sharply than in October: −0.6% after −1.6%. The drop in the prices of petroleum products was attenuated in November (−1.9% year on year after −4.5%). Contrariwise, gas prices fell more than in the previous month (−10.2% year on year after −7.8%): the prices rebounded to +2.0%, but their rise was less marked than that in November 2018 (+4.8%).

Year on year, manufactured product prices dropped a little more in November than in October: −0.6% after −0.5%. This accentuated drop came from the downturn in clothing and footwear prices (−0.2% after +0.2%) and the little more marked drop in those of “other manufactured products” (−0.2% after −0.1%). Furniture prices fell back (−0.1% year on year after +0.8%) and the drop in games, toys and hobbies was attenuated (−1.2% after −3.3%). Finally, health product prices dropped by 3.0% year on year, as in the previous month.

Compared with the provisional estimates published on November 29, 2019, the month-on-month and year-on-year changes in the CPI and in the HICP were confirmed.