Insee
Informations Rapides · 16 February 2024 · n° 37
Informations rapidesIn January 2024, consumer prices decreased by 0.2% over one month and increased by 3.1% year on year Consumer price index - final results - January 2024

Informations rapides
No 37
Paru le :Paru le16/02/2024
Prochaine parution le : 15/05/2024 at 08:45 - April 2024

Monthly change: ‑0.2% in January; year-on-year change: +3.1%

In January 2024, the Consumer Price Index (CPI) fell back slightly over one month: ‑0.2%, after +0.1% in December. This decrease is entirely driven by the drop in prices in manufactured products (‑1.7% after ‑0.3%), mainly those of clothing and footwear (‑9.2% after ‑0.3%). Conversely, the prices increased for tobacco (+6.5% after 0.0%), food (+0.2% after 0.0%), energy (+0.1% after ‑1.2%) and services (+0.1% after +0.6%).

Seasonally adjusted, consumer prices were stable over a month in January 2024, after +0.3% in December.

Year on year, consumer prices went up by 3.1% in January 2024, after +3.7% in December. This decrease of inflation resulted from the year-on-year slowdown in the prices of energy (+1.9% after +5.7%), food (+5.7% after +7.2%) and manufactured products (+0.7% after +1.4%). Conversely, those of services accelerated slightly (+3.2% after +3.1%).

Core inflation declined year on year

Year on year, core inflation decreased again, reaching +3.0% in January 2024, after +3.4% in December.

The Harmonised Index of Consumer Prices (HICP) also fell back over one month (‑0.2% after +0.1% in December); year on year, it increased by 3.4% in January 2024, after +4.1% 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
2024-01 3.4 3.1 3.0
2023-12 4.1 3.7 3.4
2023-11 3.9 3.5 3.4
2023-10 4.5 4.0 4.2
2023-09 5.7 4.9 4.6
2023-08 5.7 4.9 5.0
2023-07 5.1 4.3 5.5
2023-06 5.3 4.5 5.7
2023-05 6.0 5.1 5.7
2023-04 6.9 5.9 6.2
2023-03 6.7 5.7 6.0
2023-02 7.3 6.3 5.8
2023-01 7.0 6.0 5.5
2022-12 6.7 5.8 5.3
2022-11 7.1 6.1 5.3
2022-10 7.1 6.2 5.0
2022-09 6.2 5.6 4.6
2022-08 6.6 5.9 4.8
2022-07 6.8 6.1 4.3
2022-06 6.5 5.8 3.7
2022-05 5.8 5.2 3.6
2022-04 5.4 4.8 3.2
2022-03 5.1 4.5 2.5
2022-02 4.2 3.6 2.4
2022-01 3.3 2.9 1.6
2021-12 3.4 2.8 2.0
2021-11 3.4 2.8 1.8
2021-10 3.2 2.6 1.5
2021-09 2.7 2.2 1.4
2021-08 2.4 1.9 1.0
2021-07 1.5 1.2 0.0
2021-06 1.9 1.5 1.1
2021-05 1.8 1.4 0.9
2021-04 1.6 1.2 1.0
2021-03 1.4 1.1 1.0
2021-02 0.8 0.6 0.5
2021-01 0.8 0.5 1.1
2020-12 0.0 0.0 0.2
2020-11 0.2 0.2 0.4
2020-10 0.1 0.1 0.3
2020-09 0.0 0.0 0.5
2020-08 0.2 0.2 0.4
2020-07 0.9 0.8 1.3
2020-06 0.2 0.2 0.3
2020-05 0.4 0.4 0.5
2020-04 0.4 0.3 0.2
2020-03 0.8 0.7 0.7
2020-02 1.6 1.4 1.4
2020-01 1.7 1.5 1.0
2019-12 1.6 1.5 1.1
2019-11 1.2 1.0 0.9
2019-10 0.9 0.8 1.0
2019-09 1.1 0.9 0.9
2019-08 1.3 1.0 0.7
2019-07 1.3 1.1 0.9
2019-06 1.4 1.2 0.9
2019-05 1.1 0.9 0.5
2019-04 1.5 1.3 0.7
2019-03 1.3 1.1 0.5
2019-02 1.6 1.3 0.7
2019-01 1.4 1.2 0.6
2018-12 1.9 1.6 0.7
2018-11 2.2 1.9 0.7
2018-10 2.5 2.2 0.8
2018-09 2.5 2.2 0.7
2018-08 2.6 2.3 0.9
2018-07 2.6 2.3 0.8
2018-06 2.3 2.0 0.8
2018-05 2.3 2.0 1.0
2018-04 1.8 1.6 0.8
2018-03 1.7 1.6 0.9
2018-02 1.3 1.2 0.7
2018-01 1.5 1.3 0.8
2017-12 1.2 1.2 0.6
2017-11 1.2 1.2 0.5
2017-10 1.2 1.1 0.5
2017-09 1.1 1.0 0.5
2017-08 1.0 0.9 0.5
2017-07 0.8 0.7 0.5
2017-06 0.8 0.7 0.4
2017-05 0.9 0.8 0.3
2017-04 1.4 1.2 0.5
2017-03 1.4 1.2 0.4
2017-02 1.4 1.2 0.2
2017-01 1.6 1.3 0.6
2016-12 0.8 0.6 0.4
2016-11 0.7 0.5 0.6
2016-10 0.5 0.4 0.5
2016-09 0.5 0.4 0.7
2016-08 0.4 0.2 0.4
2016-07 0.4 0.2 0.5
2016-06 0.3 0.2 0.7
2016-05 0.1 0.0 0.6
2016-04 -0.1 -0.2 0.6
2016-03 -0.1 -0.1 0.7
2016-02 -0.1 -0.2 0.7
2016-01 0.3 0.2 0.9
2015-12 0.3 0.2 1.0
2015-11 0.1 0.0 0.9
2015-10 0.2 0.1 0.8
2015-09 0.1 0.0 0.6
2015-08 0.1 0.0 0.5
2015-07 0.2 0.2 0.6
2015-06 0.3 0.3 0.5
2015-05 0.3 0.3 0.5
2015-04 0.1 0.1 0.4
2015-03 0.0 -0.1 0.2
2015-02 -0.3 -0.3 0.2
2015-01 -0.4 -0.4 0.1
2014-12 0.1 0.1 -0.1
2014-11 0.4 0.3 -0.1
2014-10 0.5 0.4 0.0
2014-09 0.4 0.3 0.0
2014-08 0.5 0.4 0.3
2014-07 0.6 0.5 0.1
2014-06 0.6 0.5 0.1
2014-05 0.8 0.7 0.3
2014-04 0.8 0.7 0.5
2014-03 0.8 0.6 0.4
2014-02 1.1 0.9 0.8
2014-01 0.8 0.7 0.2

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

  • Source: INSEE

Energy prices slowed down strongly year on year

Year on year, the prices of energy rose by 1.9% in January 2024 after +5.7% in December. The prices of petroleum products fell back markedly (‑6.7% after +0.5%) mainly due to base effects (the prices had increased significantly month-on-month in January 2023). Year on year, the prices fell back sharply for petrol (‑3.6% after +6.8%), and they decreased at a more marked pace for diesel (‑8.7% after ‑1.1%) and liquid fuel (‑9.9% after ‑8.8%). The prices of gas also fell back (‑2.6% after +0.9%), while those of electricity accelerated again (+23.2% after +18.9%). Finally, the decrease in the prices of solid fuel softened slightly (‑11.4% after ‑12.4%).

The year-on-year slowdown in food prices went on

Year on year, food prices rose by 5.7% in January 2024, after +7.2% in December. They thus slowed down for the tenth month in a row. Excluding fresh products, the year-on-year rise in food prices softened (+5.3% after +6.9%) notably for bread and cereals (+5.5% after +7.5%), meat (+3.1% after +4.6%), milk, cheese and eggs (+6.3% after +8.4%), oils and fats (+3.7% after +4.1%), sugar, jam, honey, chocolate and confectionery (+8.1% after +10.5%), alcoholic (+4.9% after +5.5%) and non-alcoholic beverages (+6.8% after +7.9%). The prices of fresh products also slowed down (+7.9% after +8.8%): those of fresh fruits decelerated (+4.5% after +7.6%) and those of fresh fish decreased more than in the previous month (‑0.9% after ‑0.6%); on the contrary, prices of fresh vegetables accelerated slightly year on year (+14.2% after +13.5%).

Detailed figures for various groups

2015:100
Detailed figures for various groups (2015:100)
Items Weight Index Percentage change
2024 January 2024 m-on-m change (2) y-on-y change (3)
a) All households
Overall 10,000 118.19 -0.2 3.1
Overall SA(1) 10,000 118.95 0.0 3.2
Food 1,507 131.81 0.2 5.7
Fresh food 185 157.88 2.2 7.9
Other food 1,322 127.86 -0.1 5.3
Tobacco 177 182.22 6.5 16.8
Manufactured products 2,324 103.40 -1.7 0.7
Clothing and footwear 347 98.31 -9.2 0.4
Medical products 398 85.22 -0.1 -0.9
Other manufactured products 1,579 109.21 -0.4 1.1
Energy 832 156.88 0.1 1.9
of which petroleum products 430 146.88 -0.9 -6.7
Services 5,160 113.90 0.1 3.2
Rents, water and household refuse collection 796 109.30 0.3 3.0
Health services 617 102.54 -0.6 1.1
Transport 293 116.13 -4.8 3.8
Communication 204 94.30 -1.9 -5.0
Other services 3,250 119.41 0.8 4.1
Total except rents and tobacco 9,181 118.00 -0.3 2.9
Total except tobacco 9,823 117.16 -0.3 2.9
b) Urban working-class households or households of employees
All products excluding tobacco 9,731 116.43 -0.3 2.8
c) Households in the first quintile of the living standards distribution
All products excluding tobacco 9,712 117.19 -0.4 3.0
  • (1) seasonally adjusted
  • (2) : [m/(m-1)]
  • (3) : [m/(m-12)]
  • Geographical coverage: France
  • Source : INSEE – Consumer Price Indices

Year on year, manufactured product prices slowed down again

Year on year, the prices of manufactured products increased by 0.7% in January 2024, after +1.4% in December. The prices of “other manufactured products” slowed down (+1.1% after +2.0%), notably those of non-durable household goods (+2.9% after +5.1%), glassware, tableware and household utensils (+3.1% after +5.2%) and furniture and furnishings (+0.5% after +2.3%); those of vehicles fell back (‑0.6% after +0.3%), while the decline in prices accentuated for major household appliances (‑2.0% after ‑1.2%) and games, toys and hobbies (‑3.0% after ‑2.5%). The prices of clothing and footwear slowed down again (+0.4% after +1.1%). Those of health products decreased year on year at the same rate as the previous month (‑0.9%).

Service prices accelerated slightly year on year

Year on year, service prices increased by 3.2% in January 2024, after +3.1% in December. The prices of transport accelerated (+3.8% after +2.1%), notably those of transport by train (+4.0% after +1.0%) and airfares (+8.7% after 0.0%), while those of transport by road slowed down (+1.1% after +4.2%). The prices of rents, water and household refuse collection accelerated again (+3.0% after +2.8%), as did those of health services (+1.1% after +0.6%), while the decrease in prices of communication services strengthened (‑5.0% after ‑3.1%). The prices of “other services” slowed down a little (+4.1% after +4.2%), like those of catering (+4.5% after +4.7%), social protection (+3.6% after +4.3%) and maintenance and repair of the dwelling (+3.2% after +4.3%), while, conversely, the prices accelerated in insurance services (+7.4% after +3.9%) and accommodation services (+2.1% after +1.6%).

Detailed figures for Core inflation and HICP

2015:100
Detailed figures for Core inflation and HICP (2015:100)
Items Weight Index Percentage change
2024 January 2024 m-on-m change (1) y-on-y change (2)
Core inflation - All items 6273 114.08 -0.6 3.0
Food excluding fresh products, meat, milk and exotic products 779 123.74 -0.1 5.7
Manufactured products 1879 106.69 -2.2 0.9
Services including actual rentals and services for dwellings 3615 116.45 0.1 3.5
HICP - All items 10000 121.20 -0.2 3.4
  • (1) : [m/(m-1)]
  • (2) : [m/(m-12)]
  • Source: INSEE - Consumer Price Indices

Revisions

Compared to the provisional estimates published on 31 January 2024, the month-on-month and year-on-year changes in CPI and HICP are confirmed.

For further information

Next publication of final results: 15 March 2024 at 8:45 am.

Pour en savoir plus

Next publication of final results: 15 March 2024 at 8:45 am.

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