Informations Rapides · 13 October 2023 · n° 261

In September 2023, consumer prices decreased by 0.5% over one month and rose by 4.9% year on year Consumer price index - final results - September 2023

In September 2023, the Consumer Price Index (CPI) decreased by 0.5% over one month, after +1.0% in August. This decline is mainly due to the sharp decrease in the prices of services (‑1.6% after +0.1%), linked with the seasonal drop in those of transports (‑11.6% after ‑3.9%) and accommodation services (‑15.8% after +4.6%). The prices of food also decreased, to a lesser extent (‑0.3% after +0.3%). The prices of energy slowed down over one month (+2.0% after +6.6%), notably those of petroleum products (+3.2% after +7.0%) and electricity (+1.1% after +8.0%), as well as those of manufactured products (+0.7% after +1.5%).

Seasonally adjusted, consumer prices grew over a month by 0.3% in September 2023, after +0.8% in August.

Year on year, consumer prices went up by 4.9% in September 2023, as in August. This stability of inflation results from an strong acceleration in energy prices (+11.9% after +6.8%) compensated by the slowdown of the prices of food (+9.7% after +11.2%), services (+2.9% after +3.0%) and manufactured products (+2.8% after +3.1%). The inflation in tobacco was stable, compared to the previous month (+9.9%).

Year on year, core inflation was stable: +4.6% in September 2023.

The Harmonised Index of Consumer Prices (HICP) fell back by 0.6% over one month, after +1.1% in August; year on year, it increased by 5.7% in September 2023, as in August.

Year on year, the prices of energy increased by 11.9% in September 2023, after +6.8% in August. This acceleration is due to a sharp rebound in prices of petroleum products (+10.7% after ‑0.3%): those of petrol accelerated (+25.9% after +7.0%), those of diesel rebounded (+10.0% after ‑1.8%) and the decline in those of liquid fuel attenuated (‑10.5% after ‑12.7%). The prices of electricity slowed down slightly year on year, after a sharp increase in the previous month (+16.1%, after +18.0% in August and +9.4% in July). The prices of gas increased at the same rate than in the previous month (+7.6% after +7.6%) and those of solid fuel slowed down (+6.1% after +14.7%).

Food prices fell back over one month in September 2023 (-0.3% after +0.3%), for the first time since October 2021. Year on year, they slowed down for the sixth month in a row (+9.7% in September 2023, after +11.2% in August). Excluding fresh products, the year-on-year rise in food prices softened (+10.6% after +11.5%), notably for bread and cereals (+10.9% after +11.6%), meat (+8.3% after +9.0%), milk, cheese and eggs (+13.5% after +15.1%), oils and fats (+7.8% after +9.8%), sugar, jam, honey, chocolate and confectionery (+14.0% after +15.0%), alcoholic (+7.3% after +7.7%) and non-alcoholic beverages (+11.1% after +12.0%). The prices of fresh products also increased in September 2023 at a less marked rate (+4.5% after +9.4% in August), due to the slowdown in the prices of potatoes (+20.4% after +22.8%), fresh vegetables (+3.2% after +13.2%), fresh fruits (+4.2% after +6.5%) and fresh fish (+0.1% after +1.7%).

Year on year, service prices rose by 2.9% in September 2023, after +3.0% in August. Those of rents, water and household refuse collection slowed down again (+2.9% after +3.0%), and the decrease in those of communication services accentuated (‑6.8% after ‑6.1%). Contrariwise, the prices of transport accelerated (+4.9% after +4.8%), notably those of airfares (+6.7% after +2.3%), transport by train (+6.8% after +4.9%) and by road (+6.1% after +3.7%), while those of combined transports slowed down (+8.1% after +8.2%). The prices of “other services” accelerated (+4.1% after +3.8%), notably those of accommodation services (+7.1% after +2.1%), insurance services (+5.0% after +4.2%) and social protection (+4.3% after +4.2%), while the decrease in those of cultural and recreational services softened (‑3.9% after ‑5.8%); contrariwise, they slowed down for catering services (+4.9% after +5.2%) and maintenance and repair of the dwelling (+4.7% after +5.0%). Finally, the prices of health services decreased at a rate close to that of the previous month (‑0.3% after ‑0.4%).

Year on year, manufactured product prices increased by 2.8% in September 2023, after +3.1% in August. The prices of “other manufactured products” slowed down (+3.8% after +4.3%), notably those of major household appliances (+0.5% after +1.1%), non-durable household goods (+12.2% after +13.2%), newspapers and periodicals (+5.3% after +6.3%), vehicles (+2.6% after +2.8%) and equipment for sport (+2.5% after +3.4%), while those of games, toys and hobbies declined more than in the previous month (‑2.4% after ‑1.3%). Contrariwise, the prices accelerated for furniture and furnishings (+3.8% after +3.2%) and glassware, tableware and household utensils (+7.6% after +7.4%). The prices of clothing and footwear slightly accelerated (+2.5% after +2.2%). Finally, those of health products decreased at the same rate than in the previous month (‑0.9%).

Compared to the provisional estimates published on 29 September 2023, both month-on-month and year-on-year changes in CPI and the month-on-month change in HICP are confirmed. The year-on-year change in HICP has been revised upwards by 0.1 points.