Insee
Informations Rapides · 15 March 2024 · n° 60
Informations rapidesIn February 2024, consumer prices increased by 0.9% over one month and by 3.0% year on year Consumer price index - final results - February 2024

Informations rapides
No 60
Paru le :Paru le15/03/2024
Prochaine parution le : 12/07/2024 at 08:45 - June 2024
Avertissement

On 25 March 2024, the year-on-year change of core inflation in February 2024 was corrected: it stands at +2,6% (instead of +2.7%).

Monthly change: +0.9% in February; year-on-year change: +3.0%

In February 2024, the Consumer Price Index (CPI) bounced back sharply over one month: +0.9%, after ‑0.2% in January. This rebound is explained in particular by the strong acceleration of the prices of energy (+4.1% after +0.1%), driven by the prices of electricity (+9.3% after +0.4%) and petroleum products (+3.5% after ‑0.9%). Over one month the prices of services accelerated also (+0.8% after +0.1%) and those of manufactured products partially bounced back (+0.5% after ‑1.7%). Conversely, the prices of tobacco decelerated (+1.6% after +6.5%) and those of food fell back (‑0.3% after +0.2%) due to the sharp fall in the price of fresh products.

Seasonally adjusted, consumer prices increased by 0.5% in February 2024, after 0.0% in January.

Year on year, consumer prices went up by 3.0% in February 2024, after +3.1% in January. Inflation over one year thus decreased slightly in February 2024 despite the sharp increase in prices over one month, notably due to “base effects” (prices had increased even more sharply over one month in February 2023, in particular, they were up by 1.7% for food and 0.8% for manufactured products). Those of services increased at the same rate than the previous month (+3.2%). Conversely, prices accelerated sharply for energy (+4.3% after +1.9%) and for tobacco (+18.7% after +16.8%).

Decline of core inflation year on year

Year on year, core inflation decreased again, reaching +2.6% in February 2024, after +3.0% in January.

The Harmonised Index of Consumer Prices (HICP) bounced back sharply over one month (+0.9% after ‑0.2% in January); year on year, it increased by 3.2% in February 2024, after +3.4% 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
2024-02 3.2 3.0 2.6
2024-01 3.4 3.1 3.0
2023-12 4.1 3.7 3.4
2023-11 3.9 3.5 3.6
2023-10 4.5 4.0 4.2
2023-09 5.7 4.9 4.6
2023-08 5.7 4.9 4.6
2023-07 5.1 4.3 5.0
2023-06 5.3 4.5 5.7
2023-05 6.0 5.1 5.8
2023-04 6.9 5.9 6.3
2023-03 6.7 5.7 6.2
2023-02 7.3 6.3 6.1
2023-01 7.0 6.0 5.6
2022-12 6.7 5.9 5.3
2022-11 7.1 6.2 5.3
2022-10 7.1 6.2 5.0
2022-09 6.2 5.6 4.5
2022-08 6.6 5.9 4.7
2022-07 6.8 6.1 4.3
2022-06 6.5 5.8 3.7
2022-05 5.8 5.2 3.7
2022-04 5.4 4.8 3.3
2022-03 5.1 4.5 2.6
2022-02 4.2 3.6 2.5
2022-01 3.3 2.9 1.7
2021-12 3.4 2.8 1.9
2021-11 3.4 2.8 1.6
2021-10 3.2 2.6 1.4
2021-09 2.7 2.2 1.3
2021-08 2.4 1.9 1.3
2021-07 1.5 1.2 0.2
2021-06 1.9 1.5 1.1
2021-05 1.8 1.4 1.0
2021-04 1.6 1.2 1.0
2021-03 1.4 1.1 0.9
2021-02 0.8 0.6 0.4
2021-01 0.8 0.6 0.9
2020-12 0.0 0.0 0.2
2020-11 0.2 0.2 0.4
2020-10 0.1 0.0 0.3
2020-09 0.0 0.0 0.5
2020-08 0.2 0.2 0.5
2020-07 0.9 0.8 1.4
2020-06 0.2 0.2 0.3
2020-05 0.4 0.4 0.6
2020-04 0.4 0.3 0.3
2020-03 0.8 0.7 0.7
2020-02 1.6 1.4 1.3
2020-01 1.7 1.5 0.9
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 0.9
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 1.1 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 0.7
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 0.6
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 -0.2
2014-10 0.5 0.5 0.0
2014-09 0.4 0.3 0.1
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 0.5
2014-02 1.1 0.9 0.8
2014-01 0.8 0.6 0.2

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

  • Source: INSEE

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

Year on year, food prices rose by 3.6% in February 2024, after +5.7% in January. They thus slowed down for the eleventh month in a row.

Excluding fresh products, the year-on-year rise in food prices softened (+4.1% after +5.3%) notably for bread and cereals (+4.2% after +5.5%), meat (+2.3% after +3.1%), milk, cheese and eggs (+4.8% after +6.3%), oils and fats (+3.0% after +3.7%), sugar, jam, honey, chocolate and confectionery (+5.8% after +8.1%), alcoholic (+4.1% after +4.9%) and non-alcoholic beverages (+5.7% after +6.8%).

The prices of fresh products slowed down sharply (+0.4% after +7.9%), driven by those of fresh vegetables (‑3.8% after +14.2%). This year-on-year fall in fresh vegetable prices can be explained both by a sharp drop in prices over a month, and also by a “base effect” (they had strongly increased between January and February 2023). The prices of fresh fruits slowed down year on year (+1.7% in February 2024 after +4.5%), while those of fresh fish rebounded (+2.9% after ‑0.9%).

Year on year, manufactured product prices slowed down again

Year on year, the prices of manufactured products increased by 0.4% in February 2024, after +0.7% in January. They thus slowed down for the eighth month in a row.

The prices of “other manufactured products” slowed down (+0.7% year-on-year after +1.1%), notably those of non-durable household goods (+1.5% after +2.9%) and glassware, tableware and household utensils (+2.4% after +3.1%). The prices fell back for furniture and furnishings (‑0.2% after +0.5%), while they decreased more markedly for major household appliances (‑2.4% after ‑2.0%) and games, toys and hobbies(‑3.7% after ‑3.0%). Contrariwise, the prices of vehicles decreased less than in previous month (‑0.4% year-on-year after ‑0.6%).

The prices of clothing and footwear accelerated over a year (+0.9% after +0.4%) Those of health products decreased year-on-year at a slightly faster rate thanin the previous month (‑1.3% year-on-year after ‑0.9%).

Detailed figures for various groups

2015:100
Detailed figures for various groups (2015:100)
Items Weight Index Percentage change
2024 February 2024 m-on-m change (2) y-on-y change (3)
a) All households
Overall 10,000 119.21 0.9 3.0
Overall SA(1) 10,000 119.55 0.5 3.0
Food 1,507 131.39 -0.3 3.6
Fresh food 185 153.52 -2.8 0.4
Other food 1,322 127.90 0.0 4.1
Tobacco 177 185.18 1.6 18.7
Manufactured products 2,324 103.89 0.5 0.4
Clothing and footwear 347 99.80 1.5 0.9
Medical products 398 84.97 -0.3 -1.3
Other manufactured products 1,579 109.71 0.5 0.7
Energy 832 163.27 4.1 4.3
of which petroleum products 430 151.98 3.5 -2.3
Services 5,160 114.85 0.8 3.2
Rents, water and household refuse collection 796 110.47 1.1 2.9
Health services 617 103.18 0.6 1.6
Transport 293 120.58 3.8 2.8
Communication 204 95.22 1.0 -4.1
Other services 3,250 120.07 0.6 4.0
Total except rents and tobacco 9,181 118.98 0.8 2.7
Total except tobacco 9,823 118.15 0.8 2.7
b) Urban working-class households or households of employees
All products excluding tobacco 9,731 117.43 0.9 2.6
c) Households in the first quintile of the living standards distribution
All products excluding tobacco 9,712 118.31 1.0 2.8
  • (1) seasonally adjusted
  • (2) : [m/(m-1)]
  • (3) : [m/(m-12)]
  • Geographical coverage: France
  • Source : INSEE – Consumer Price Indices

Services prices rose year-on-year at the same rate as in the previous month

Year on year, service prices increased by 3.2% in February 2024, as in January. The prices of transport slowed down (+2.8% after +3.8%), notably airfares (+6.0% after +8.7%), prices of transport by train (+2.8% after +4.0%) and by road (+0.8% after +1.1%). The prices of rents, water and household refuse collection slightly slowed down (+2.9% after +3.0%). The prices of “other services” also slowed down (+4.0% after +4.1%), notably those of catering (+4.1% after +4.5%) and maintenance and repair of the dwelling (+2.7% after +3.2%); contrariwise, they accelerated for social protection (+4.0% after +3.6%), insurance services (+8.0% after +7.4%) and accommodation services (+2.2% after +2.1%).

The prices of health services accelerated (+1.6% after +1.1%). Finally, the fall in prices for communication services softened (‑4.1% after ‑5.0%).

Energy prices accelerated strongly year on year

Year on year, the prices of energy rose by 4.3% in February 2024, after +1.9% in January. This acceleration in energy prices over a year is explained both by a sharp rise in prices over a month, but also by a “base effect” (prices had risen at a slower rate between January and February 2023). The prices of petroleum products decreased at a slower rate than in the previous month (‑2.3% year-on-year after ‑6.7%) notably for diesel (‑2.0% after ‑8.7%), petrol (‑3.1% after ‑3.6%) and liquid fuel (‑2.1% after ‑9.9%). The prices of electricity increased sharply again (+23.1% after +23.2%): the one-month price increase in February 2024 (+9.3%) due to the partial restoration of taxes was roughly equivalent to the increase in regulated tariffs one year earlier. Finally, gas prices fell at a faster rate than in January (-7.6% year-on-year after -2.6%), as did solid fuel prices (-12.1% after -11.4%).

Detailed figures for Core inflation and HICP

2015:100
Detailed figures for Core inflation and HICP (2015:100)
Items Weight Index Percentage change
2024 February 2024 m-on-m change (1) y-on-y change (2)
Core inflation - All items 6273 115.57 0.3 2.6
Food excluding fresh products, meat, milk and exotic products 779 123.88 0.1 4.5
Manufactured products 1879 108.34 0.1 0.6
Services including actual rentals and services for dwellings 3615 117.97 0.6 3.3
HICP - All items 10000 122.35 0.9 3.2
  • (1) : [m/(m-1)]
  • (2) : [m/(m-12)]
  • Source: INSEE - Consumer Price Indices

Revisions

Compared to the provisional estimates published on 29 February 2024, the monthly change in the HICP is confirmed; its annual change has been revised upwards by 0.1 points. The month-on-month and year-on-year changes in CPI have been revised upwards by 0.1 points.

For further information

Next publication of final results: 12 April 2024 at 8:45 am.

Pour en savoir plus

Next publication of final results: 12 April 2024 at 8:45 am.

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