13 March 2020

2020- n° 63

In February 2020, consumer prices were stable over one month and increased by 1.4% year on year Consumer price index - final results - February 2020

In February 2020, the Consumer Prices Index (CPI) were stable over a month, after −0.4% in January. Manufactured product prices rebounded due to winter sales whose duration was shorter than in the previous year (+0.2% after −2.2%). Services prices rose by 0.2% after a stability in the previous month. Contrariwise, energy prices fell back by 2.0%, after a 0.5% rise in January. Finally, food and tobacco prices were stable over a month.

Seasonally adjusted, consumer prices fell back by 0.1% in February, after +0.3% in January.

Year on year, consumer prices increased by 1.4%, after +1.5% in January. The slowdown in the prices of energy and food was partly offset by the rebound in manufactured product prices and the acceleration in those of services and tobacco.

Year on year, core inflation rose in February: +1.3% after +1.0% in the previous month. The Harmonised Index of Consumer Prices (HICP) were stable over a month, after −0.5% in January; year on year, it slightly slowed down, to +1.6%, after +1.7% in the previous month.

Year on year, energy prices decelerated in February to +1.1%, after a +4.5% in January. The prices of petroleum products dropped by 0.5% year on year, after +6.5% in January, due to their sharp downturn over a month. Moreover, the drop in gas prices was less pronounced (−9.4% year on year after −7.0%). Contrariwise, electricity prices sharply gathered pace (+9.7% after +7.3%).

In February 2020, food prices rose by 1.8% year on year, after +2.0% in January. Those of fresh produces were more dynamic than in the previous month (+3.3% year on year after +2.4%), in the wake of those of fresh vegetables (+2.8% after +0.0%) and fresh fruits (+3.4% after +3.2%). Excluding fresh produces, food prices slowed down again (+1.5% year on year after +1.9%), in particular those of meat (+3.3% after +3.9%), of non-alcoholic beverages (+0.2% after +0.7%) and of alcoholic beverages (+1.9% after +2.4%).

Year on year, manufactured product prices rebounded to +0.3% (after a −0.3% drop in January), due to the shorter duration of winter sales. Clothing and footwear prices rebounded (+2.1% year on year, after −0.3% in the previous month). The prices of “other manufactured products” increased by 0.5% year on year, after a stability in January. Thus, the prices of furniture (+2.3% year on year after +0.3%), glassware, tableware and household utensils (+1.3% after +0.3%) and personal effects (+2.1% after +1.3%) sharply gathered pace. Contrariwise, the drop in health product prices was accentuated (−2.3% after −2.0%).

Year on year, service prices rose more than in January: +1.4% after +1.3%. The prices of transport services were more dynamic than in the previous month (+1.8% year on year after +0.4%). Moreover, those of communication services (+2.2% after +1.8%) and “other services” (+1.9% after +1.7%) gathered pace. Health service prices were stable year on year, after a 0.2% decrease in the previous month. Contrariwise, the prices of housing-related services slowed down (+0.4% after +0.8%).

Compared with the provisional estimates published on February 28, 2020, the month-on-month and year-on-year changes in the CPI and in the HICP were confirmed.