13 March 2020
N° 2020-63

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

Informations rapides
No 63
Paru le : Paru le 13/03/2020
Prochaine parution le : 15/04/2020 at 08:45 - March 2020
Informations rapides  No 63 - March 2020

Monthly change: 0.0% in February; Year-on-year change: +1.4%

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.

Rise in core inflation year on year

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.

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 CPI ISJ
2014-01 0.8 0.6 0.2
2014-02 1.1 0.9 0.8
2014-03 0.8 0.6 0.5
2014-04 0.8 0.7 0.5
2014-05 0.8 0.7 0.3
2014-06 0.6 0.5 0.1
2014-07 0.6 0.5 0.1
2014-08 0.5 0.4 0.3
2014-09 0.4 0.3 0.1
2014-10 0.5 0.5 0.0
2014-11 0.4 0.3 -0.2
2014-12 0.1 0.1 -0.1
2015-01 -0.4 -0.4 0.1
2015-02 -0.3 -0.3 0.2
2015-03 0.0 -0.1 0.2
2015-04 0.1 0.1 0.4
2015-05 0.3 0.3 0.5
2015-06 0.3 0.3 0.5
2015-07 0.2 0.2 0.6
2015-08 0.1 0.0 0.5
2015-09 0.1 0.0 0.6
2015-10 0.2 0.1 0.8
2015-11 0.1 0.0 0.9
2015-12 0.3 0.2 1.0
2016-01 0.3 0.2 0.9
2016-02 -0.1 -0.2 0.7
2016-03 -0.1 -0.1 0.7
2016-04 -0.1 -0.2 0.6
2016-05 0.1 0.0 0.7
2016-06 0.3 0.2 0.7
2016-07 0.4 0.2 0.5
2016-08 0.4 0.2 0.4
2016-09 0.5 0.4 0.7
2016-10 0.5 0.4 0.5
2016-11 0.7 0.5 0.5
2016-12 0.8 0.6 0.4
2017-01 1.6 1.3 0.6
2017-02 1.4 1.2 0.2
2017-03 1.4 1.1 0.4
2017-04 1.4 1.2 0.5
2017-05 0.9 0.8 0.3
2017-06 0.8 0.7 0.4
2017-07 0.8 0.7 0.5
2017-08 1.0 0.9 0.5
2017-09 1.1 1.0 0.5
2017-10 1.2 1.1 0.5
2017-11 1.2 1.2 0.6
2017-12 1.2 1.2 0.6
2018-01 1.5 1.3 0.8
2018-02 1.3 1.2 0.8
2018-03 1.7 1.6 0.9
2018-04 1.8 1.6 0.8
2018-05 2.3 2.0 1.0
2018-06 2.3 2.0 0.8
2018-07 2.6 2.3 0.8
2018-08 2.6 2.3 0.9
2018-09 2.5 2.2 0.7
2018-10 2.5 2.2 0.7
2018-11 2.2 1.9 0.6
2018-12 1.9 1.6 0.6
2019-01 1.4 1.2 0.8
2019-02 1.6 1.3 0.8
2019-03 1.3 1.1 0.5
2019-04 1.5 1.3 0.7
2019-05 1.1 0.9 0.5
2019-06 1.4 1.2 0.9
2019-07 1.3 1.1 0.9
2019-08 1.3 1.0 0.7
2019-09 1.1 0.9 0.9
2019-10 0.9 0.8 1.0
2019-11 1.2 1.0 1.0
2019-12 1.6 1.5 1.1
2020-01 1.7 1.5 1.0
2020-02 1.6 1.4 1.3

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

  • Source: INSEE.

Sharp slowdown in energy prices

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%).

Detailed figures for various groups

2015:100
Detailed figures for various groups (2015:100)
Items Weight Index Percentage change
2020 February 2020 m-on-m change (2) y-on-y change (3)
a) All households
Overall 10000 104.53 0.0 1.4
Overall SA(1) 10000 105.15 -0.1 1.5
Food 1610 107.29 0.0 1.8
Fresh food 230 120.94 -0.5 3.3
Other food 1380 105.11 0.0 1.5
Tobacco 205 138.26 0.0 14.5
Manufactured products 2491 97.03 0.2 0.3
Clothing and footwear 380 93.79 1.1 2.1
Medical products 412 88.47 -1.1 -2.3
Other manufactured products 1699 99.79 0.4 0.5
Energy 808 115.06 -2.0 1.1
Petroleum products 439 118.06 -4.3 -0.5
Services 4886 104.88 0.2 1.4
Actual rentals and services for dwellings 752 101.91 0.0 0.4
Health services 604 102.74 0.3 0.0
Transport 300 100.19 2.8 1.8
Communication 215 97.73 0.4 2.2
Other services 3015 107.16 0.0 1.9
Total except rents and tobacco 9185 104.13 0.0 1.2
Total except tobacco 9795 103.93 0.0 1.2
b) Urban working-class households or households of employees
All products excluding tobacco 9685 103.64 0.0 1.2
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9678 103.45 0.0 1.1
  • (1) seasonally adjusted
  • (2) : [m/(m-1)]
  • (3) : [m/(m-12)]
  • Champ : France hors Mayotte
  • Source : Insee - indices des prix à la consommation

Lesser rise in food prices year on year

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%).

Rebound in manufactured products prices year on year

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%).

Rise in service inflation

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%).

Detailed figures for Core inflation and HICP

2015:100
Detailed figures for Core inflation and HICP (2015:100)
Items Weight Index Percentage change
2020 February 2020 m-on-m change (1) y-on-y change (2)
Core inflation - All items 6069 103.54 0.1 1.3
Food excluding fresh products. meat. milk and exotic products 754 103.62 0.0 0.9
Manufactured products 2032 100.40 0.7 0.6
Services including actual rentals and services for dwellings 3283 105.68 0.0 1.8
HICP - All items 10000 105.27 0.0 1.6
  • (1) : [m/(m-1)]
  • (2) : [m/(m-12)]
  • Source: INSEE - Consumer Price Indices

Revisions

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.

For further information

Next publication of provisional results: 31 March 2020 à 8h45

Next publication of final results: 15 April 2020 à 8h45

Next publication of provisional results: 31 March 2020 à 8h45

Next publication of final results: 15 April 2020 à 8h45


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