Informations Rapides · 15 December 2023 · n° 314

In November 2023, consumer prices decreased by 0.2% over one month and rose by 3.5% year on year Consumer price index - final results - November 2023

In November 2023, the Consumer Price Index (CPI) fell back slightly over one month: ‑0.2%, after +0.1% in October. This decrease is mainly due to the downturn in the prices of services (‑0.3% after +0.3%), notably those of transports (‑5.9% after +4.1%). The prices of energy declined again over one month (‑1.1% after ‑0.5%) notably those of petroleum products (‑2.8% after ‑1.7%).Those of manufactured products were stable (+0.0% after +0.2%). The prices of food rose over one month (+0.4% after +0.0%).

Seasonally adjusted, consumer prices declined by 0.1% over a month in November 2023, as in October.

Year on year, consumer prices went up by 3.5% in November 2023, after +4.0% in October. This decrease of inflation resulted from the year-on-year slowdown in the prices of energy (+3.1% after +5.2%), services (+2.8% after +3.2%), manufactured products (+1.9% after +2.2%) and, to a lesser degree, in those of food (+7.7% after +7.8%) and tobacco (+9.8% after +9.9%).

Year on year, core inflation kept decreasing, reaching +3.6% in November 2023, after +4.2% in October.

The Harmonised Index of Consumer Prices (HICP) fell back over one month (‑0.2% after +0.2% in October); year on year, it increased by 3.9% in November 2023, after +4.5% in the previous month.

Year on year, the prices of energy increased by 3.1% in November 2023, after +5.2% in October. The prices of petroleum products fell back (‑1.4% after +1.8%): those of diesel slipped back (‑2.5% after +1.6%) and those of petrol slowed down again (+7.5% after +13.5%), while those of liquid fuel decreased less markedly than in the previous month (‑15.1% after ‑16.2%). Moreover, the decrease in the prices of solid fuel accentuated (‑12.9% after ‑8.4%). The prices of electricity slowed down year on year (+16.1% after +18.5%) while those of gas declined at a more moderate pace (‑3.7% after ‑5.5%).

Year on year, service prices rose by 2.8% in November 2023, after +3.2% in October. The prices of transport fell back (‑1.4% after +5.4%), driven down by the downturn in prices of transport by road (‑1.4% after +5.2%), while those of transport by train (+3.6% after +9.2%) and airfares (+0.1% after +4.5%) slowed down sharply. The prices of “other services” increased at a rate close to that of the previous month (+4.3% after +4.4%), notably those of social protection (+4.5% after +4.5%), catering (+4.8% after +4.9%), maintenance and repair of the dwelling (+4.7% after +4.6%) and of private vehicles (+7.1% after +7.2%). The prices slowed down for insurance services (+3.5% after +4.9%) and accommodation services (+3.4% after +7.2%). Contrariwise, those of cultural and recreational services rebounded (+3.6% after ‑0.7%). Year on year, the prices of communication services decreased at a rate close to that of the previous month (‑4.8% after ‑4.7%) and those of rents, water and household refuse collection slowed down slightly (+2.6% after +2.7%). Prices of health services rebounded year on year (+0.4% after ‑0.4%), linked with the increase in consultation prices (on November 1^st +1.50€ in mainland France and +1.80€ in the overseas territories).

Year on year, manufactured product prices increased by 1.9% in November 2023, after +2.2% in October. The prices of “other manufactured products” slowed down (+2.5% after +3.0%), notably those of vehicles (+1.0% after +1.5%), non-durable household goods (+6.7% after +9.1%), newspapers and periodicals (+3.9% after +4.8%), furniture and furnishings (+2.7% after +3.2%) and glassware, tableware and household utensils (+5.7% after +6.4%), while the year-on-year decrease accentuated in the prices of major household appliances (‑1.0% after ‑0.5%) and of games, toys and hobbies (‑2.8% after ‑2.3%). Contrariwise, the prices accelerated for equipment for sport (+3.3% after +2.9%). The prices of clothing and footwear increased practically at the same rate as in the previous month (+1.8% after +1.9%). Finally, those of health products decreased year on year slightly less than in the previous month (‑0.8% after ‑0.9%).

Year on year, food prices slowed down for the eighth month in a row (+7.7% in November 2023, after +7.8% in October). Excluding fresh products, they decelerated (+7.9% after +9.1%), notably for bread and cereals (+8.5% after +9.4%), meat (+5.5% after +6.8%), milk, cheese and eggs (+9.8% after +11.2%), oils and fats (+5.2% after +5.8%), sugar, jam, honey, chocolate and confectionery (+11.4% after +12.6%), alcoholic (+6.0% after +6.5%) and non-alcoholic beverages (+8.6% after +9.9%). The prices of fresh products sped up sharply in November 2023 (+6.6% after +1.1% in October), driven by the significant rebound in prices of fresh vegetables (+8.4% after ‑5.8%) and, to a lesser extent, by the acceleration in the prices of fresh fruits (+5.2% after +4.7%) and fresh fish (+3.1% after +1.5%).

Compared to the provisional estimates published on 30 November 2023, the year-on-year change in CPI has been revised upwards by 0.1 points, and the month-on-month change in CPI is confirmed. Both month-on-month and year-on-year changes in HICP have been revised upwards by 0.1 points.