Informations Rapides · 15 September 2023 · n° 229

In August 2023, consumer prices increased by 1.0% over one month and by 4.9% year on year Consumer price index - final results - August 2023

In August 2023, the Consumer Price Index (CPI) increased by 1.0% over one month, after +0.1% in July. The prices of energy strongly bounced back (+6.6% after ‑2.0%), due to the increase in those of electricity (+8.0% after 0.0%) and petroleum products (+7.0% after +0.2%). The prices of manufactured products also rebounded (+1.5% after ‑2.3%), notably those of clothing and footwear (+6.1% after ‑10.9%), linked with the end of the summer sales. The prices of food accelerated slightly over a month (+0.3% after +0.1%), while those of services slowed down (+0.1% after +1.5%), notably due to decline of the prices of transports (‑3.9% after +11.0%).

Seasonally adjusted, consumer prices grew by 0.8% in August 2023, after 0.0% in June.

Year on year, consumer prices went up by 4.9% in August 2023, after +4.3% in July. This increase in inflation mostly resulted from the year-on-year rebound in energy prices (+6.8% after ‑3.7% in July). The inflation in tobacco was almost stable, compared to the previous month (+9.9% after +9.8%), while the prices of food (+11.2% after +12.7%), services (+3.0% after +3.1%) and manufactured products (+3.1% after +3.4%) slowed down.

Year on year, core inflation decreased, reaching +4.6% in August 2023, after +5.0% in July.

The Harmonised Index of Consumer Prices (HICP) increased by 1.1% over one month, after a stability in July; year on year, it increased by 5.7% in August 2023, after +5.1% in the previous month.

Year on year, the prices of energy increased by 6.8% in August 2023, after ‑3.7% in July. The prices on electricity sharply accelerated (+18.0% after +9.4%), linked with the rise by 10% of the regulated tariffs of electricity applied since the 1st August 2023. After a strong decline in July, the prices of petroleum products fell barely year on year (‑0,3% after ‑13.9%). The decrease in prices thus softened for diesel (‑1.8% after ‑14.8%) and liquid fuel (‑12.7% after ‑29.2%), while the prices of petrol bounced back (+7.0% after ‑7.2%). The prices of gas also accelerated (+7.6% after +4.5%), and those of solid fuel slowed down (+14.7% after +22.9%).

Year on year, food prices rose by 11.2% in August 2023, after +12.7% in July. For the fifth month in a row, they slowed down due to a “base effect”: month on month, they increased more moderately in August 2023 (+0.3%) than in August 2022 (+1.7%). Excluding fresh products, the year-on-year rise in food prices softened (+11.5% after +13.0%), notably for bread and cereals (+11.6% after +13.1%), meat (+9.0% after +10.6%), milk, cheese and eggs (+15.1% after +17.9%), oils and fats (+9.8% after +12.5%), sugar, jam, honey, chocolate and confectionery (+15.0% after +15.9%), alcoholic (+7.7% after +8.4%) and non-alcoholic beverages (+12.0% after +12.9%). The prices of fresh products also increased at a less marked rate in August 2023 (+9.4% after +10.6% in July), due to the slowdown in the prices of fresh fruits (+6.5% after +10.5%) and fresh fish (+1.7% after +2.0%). Contrariwise, those of fresh vegetables accelerated (+13.2% after +12.2%).

Year on year, service prices rose by 3.0% in August 2023, after +3.1% in July. The prices of transport services slowed down (+4.8% after +5.4%), notably those of transport by train (+4.9% after +6.5%) and by road (+3.7% after +4.4%), while airfares accelerated (+2.3% after +0.7%). The prices of “other services” slightly slowed down (+3.8% after +3.9%), notably those of catering services (+5.2% after +5.4%), of social protection (+4.2% after +4.5%) and of maintenance and repair of the dwelling (+5.0% after +5.3%) and personal transport equipment (+7.0% after +7.4%). Contrariwise, they accelerated for insurance services (+4.2% after +3.6%) and accommodation services (+2.1% after +2.0%). The prices of rents, water and household refuse collection slightly slowed down (+3.0% after +3.1%). Those of health services decreased at the same rate than in the previous month (‑0.4% over a year), as did those of communication services (‑6.1%).

Year on year, manufactured product prices increased by 3.1% in August 2023, after +3.4% in July. Those of clothing and footwear slowed down (+2.2% after +3.4%), the seasonal month-on-month growth over a month being less significant in August 2023 than in August 2022, partly due to the extension of the summer sales (first scheduled for the 25 July 2023, the end of the sales had been postponed until the 1st August included). The prices of “other manufactured goods” also slowed down (+4.3% after +4.6%), notably those of furniture and furnishings (+3.2% after +4.2%), major household appliances (+1.1% after +1.5%), glassware, tableware and household utensils (+7.4% after +8.7%), non-durable household goods (+13.2% after +15.7%) and vehicles (+2.8% after +3.1%). Contrariwise, the prices of newspapers and periodicals accelerated (+6.3% after +5.6%), and the decrease of those of games, toys and hobbies softened (‑1,3% after ‑2.6%). Finally, the prices of health products decreased at a rate close to that of the previous month (‑0.9% over a year after ‑0.8%).

Compared to the provisional estimates published on 31 August 2023, the month-on-month change in CPI has been revised upwards by 0.1 points. The year-on-year change in CPI and the month-on-month and year-on-year changes in HICP are confirmed.