13 November 2020

2020- n° 289

In October 2020, consumer prices were stable over one month and year on year Consumer price index - final results - October 2020

In October 2020, the Consumer Price Index (CPI) was stable over a month, after –0.5% in September 2020. The food prices (+0.2% after –0.5% in September) and those of energy (+0.2% after –0.7%) rebounded after a fall in September. Those of services declined less than in the previous month (–0.3% after –1.5%). The prices of tobacco were stable. Those of manufactured goods slowed down strongly after a rebound in the last month (+0.4% after +1.6%).

Seasonally adjusted, consumer prices were stable in October, after –0.2% in September.

Year on year, consumer prices were stable for the second month in a row. The acceleration in the food prices (+1.5% after +0.9% in September) and the reduced decrease of energy prices (–7.8% after –8.0%) and of those of manufactured goods (–0.1% after –0.2%) were offset by the slowdown in service prices (+0.4% after +0.6%).

Year on year, core inflation increased, in October, by 0.3% year on year, after 0.5% in September. The Harmonised Index of Consumer Prices (HICP) was stable over a month, after –0.6% in the previous month; year on year, it increased by 0.1% after being stable in September.

In October 2020, food prices increased more sharply than in September (+1.5% after +0.9%). The prices of fresh produces were more dynamic than in the previous month (+7.6% after +2.3%) in link with those of fresh vegetables ((+12.6% after –1.7%). The prices of fresh fruits slowed down slightly (+8.7% après +8.8%) and those of fresh fishes decreased (–0.2% after being stable the last month). Excluding fresh produces, food prices slowed down to +0.5% year on year after +0.7% the last month. The prices of meat (+1.7% after +1.9%), those of bread and cereals (+0.2% after +0.4%) and those of alcoholic beverages (+0.7% after +0.9%) increased less than in September.

Year on year, the drop in energy prices slowed down: −7.8% in October, after −8.0% in September in link with the less decline than in the previous month of the natural and town gas (−5.3% after −10.9%). Petroleum product prices fell more than in the last month (–15.5% after –14.7%).

Year on year, manufactured product prices fell by 0.1%, after –0.2% the last month. Clothing and footwear prices dropped less than in the previous month (–1.0% year on year after –1.3% in September). Those of “other manufactured goods” increased by 0.6% after +0.5% in the previous month. The prices of glassware, tableware and household utensils increased by 0.8% after +0.5% the last month. The prices of games, toys and hobbies accelerated (+1.7% after +0.9%) like those of newspapers, books and stationery (+2.0% after +1.7%). Furniture and furnishings prices were, in contrast, less dynamic (+1.8% after +2.3%). After being stable in September, the major household appliances decreased by 0.1%. Finally, health product prices fell less than in the previous month (–1.8% year-on-year, after –1.9% in September).

Year on year, service prices increased by 0.4% in October, after +0.6% in September 2020. The prices of communication services fell by 1.6% after +1.6% in the last month in link with the downturn of the wireless telephone service prices (–5.6% after +1.2%). The prices of transport services fell more (–5.4% after –3.0%) in the wake of airfares (–14.6% après –7.6%). The prices of housing-related services increased at the same rate as in the previous month (+0.3%) and those of health services increased at a brisker pace than in the previous month (+0.4% après +0.3%). The prices of “other services” increased by 1.1% for the second month in a row.

Compared with the provisional estimates published on October 30, 2020, the month-on-month change in the CPI has been adjusted by +0.1 points and the year on year has been confirmed. The month-on-month and year on year changes in the HICP have been adjusted by +0.1 points.