Informations Rapides ·
14 June 2024 · n° 146In May 2024, consumer prices were stable over one month and increased by 2.3% year
on year Consumer price index - final results - May 2024
- Monthly change: 0.0% in May; year-on-year change: +2.3%
- Decline of core inflation year on year
- Energy prices decreased over one month but accelerated year on year due to a base effect
- Fall of inflation in service over a year
- Slight acceleration in food prices year-on-year
- Year on year, manufactured product prices were stable
- Revisions
- For further information
Monthly change: 0.0% in May; year-on-year change: +2.3%
In May 2024, the Consumer Price Index (CPI) were stable over one month after +0.5% in April. The stability in prices is the result of the decrease in prices of energy (‑1.2% after ‑0.3%) due to the downturn in prices of petroleum products (‑2.4% after +0.7%), which is offset by the rise in prices of food (+0.4% after +0.1%) generated by the strong acceleration in those of fresh products (+2.9% after +0.2%). For the prices of manufactured products, they increase slightly (+0.1% after 0.0%) as for those of services (+0.1% after +1.0%). Over one month the prices of tobacco were stable as in April.
Seasonally adjusted, consumer prices were also stable in May 2024, after +0.5% in April.
Year on year, consumer prices went up by 2.3% in May 2024, after +2.2% in April. This slight increase of inflation resulted from the year-on-year rise in prices of energy (+5.7% after +3.8%) due to a base effect on prices of petroleum products (+2.9% after ‑0.7%): these prices fell over a month between April and May 2024, but had fallen more sharply between April and May 2023, generating a rise in inflation over a year. The prices of food accelerated slightly year-on-year (+1.3% after +1.2%). Contrariwise the prices of services slowed down (+2.8% after +3.0%) as for those of tobacco (+8.7% after +9.0%) slowed down. Manufactured product prices were stable (after -0,1%).
Decline of core inflation year on year
Year on year, core inflation decreased again, reaching +1.7% in May 2024, after +1.9% in April.
The Harmonised Index of Consumer Prices (HICP) slowed down over one month (+0.1% after +0.6% in April); year on year, it increased by 2.6% in May 2024, after +2.4% in April. The difference between the HICP and the CPI change should be explained by the fall in reimbursements in the health sector and by the year-on-year evolution of energy prices, which weight is greater in the HICP.
tableauConsumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes
HICP | ISJ | CPI | |
---|---|---|---|
2024-05 | 2.59 | 1.7 | 2.3 |
2024-04 | 2.37 | 1.9 | 2.2 |
2024-03 | 2.41 | 2.2 | 2.3 |
2024-02 | 3.21 | 2.6 | 3.0 |
2024-01 | 3.4 | 3.0 | 3.1 |
2023-12 | 4.1 | 3.4 | 3.7 |
2023-11 | 3.9 | 3.4 | 3.5 |
2023-10 | 4.5 | 4.2 | 4.0 |
2023-09 | 5.7 | 4.6 | 4.9 |
2023-08 | 5.7 | 5.0 | 4.9 |
2023-07 | 5.1 | 5.5 | 4.3 |
2023-06 | 5.3 | 5.7 | 4.5 |
2023-05 | 6.0 | 5.7 | 5.1 |
2023-04 | 6.9 | 6.2 | 5.9 |
2023-03 | 6.7 | 6.0 | 5.7 |
2023-02 | 7.3 | 5.8 | 6.3 |
2023-01 | 7.0 | 5.5 | 6.0 |
2022-12 | 6.7 | 5.3 | 5.9 |
2022-11 | 7.1 | 5.3 | 6.2 |
2022-10 | 7.1 | 5.0 | 6.2 |
2022-09 | 6.2 | 4.6 | 5.6 |
2022-08 | 6.6 | 4.8 | 5.9 |
2022-07 | 6.8 | 4.3 | 6.1 |
2022-06 | 6.5 | 3.7 | 5.8 |
2022-05 | 5.8 | 3.6 | 5.2 |
2022-04 | 5.4 | 3.2 | 4.8 |
2022-03 | 5.1 | 2.5 | 4.5 |
2022-02 | 4.2 | 2.4 | 3.6 |
2022-01 | 3.3 | 1.6 | 2.9 |
2021-12 | 3.4 | 2.0 | 2.8 |
2021-11 | 3.4 | 1.8 | 2.8 |
2021-10 | 3.2 | 1.5 | 2.6 |
2021-09 | 2.7 | 1.4 | 2.2 |
2021-08 | 2.4 | 1.0 | 1.9 |
2021-07 | 1.5 | 0.0 | 1.2 |
2021-06 | 1.9 | 1.1 | 1.5 |
2021-05 | 1.8 | 0.9 | 1.4 |
2021-04 | 1.6 | 1.0 | 1.2 |
2021-03 | 1.4 | 1.0 | 1.1 |
2021-02 | 0.8 | 0.5 | 0.6 |
2021-01 | 0.8 | 1.1 | 0.6 |
2020-12 | 0.0 | 0.2 | 0.0 |
2020-11 | 0.2 | 0.4 | 0.2 |
2020-10 | 0.1 | 0.3 | 0.0 |
2020-09 | 0.0 | 0.5 | 0.0 |
2020-08 | 0.2 | 0.4 | 0.2 |
2020-07 | 0.9 | 1.3 | 0.8 |
2020-06 | 0.2 | 0.3 | 0.2 |
2020-05 | 0.4 | 0.5 | 0.4 |
2020-04 | 0.4 | 0.2 | 0.3 |
2020-03 | 0.8 | 0.7 | 0.7 |
2020-02 | 1.6 | 1.4 | 1.4 |
2020-01 | 1.7 | 1.0 | 1.5 |
2019-12 | 1.6 | 1.1 | 1.5 |
2019-11 | 1.2 | 0.9 | 1.0 |
2019-10 | 0.9 | 1.0 | 0.8 |
2019-09 | 1.1 | 0.9 | 0.9 |
2019-08 | 1.3 | 0.7 | 1.0 |
2019-07 | 1.3 | 0.9 | 1.1 |
2019-06 | 1.4 | 0.9 | 1.2 |
2019-05 | 1.1 | 0.5 | 0.9 |
2019-04 | 1.5 | 0.7 | 1.3 |
2019-03 | 1.3 | 0.5 | 1.1 |
2019-02 | 1.6 | 0.7 | 1.3 |
2019-01 | 1.4 | 0.6 | 1.2 |
2018-12 | 1.9 | 0.7 | 1.6 |
2018-11 | 2.2 | 0.7 | 1.9 |
2018-10 | 2.5 | 0.8 | 2.2 |
2018-09 | 2.5 | 0.7 | 2.2 |
2018-08 | 2.6 | 0.9 | 2.3 |
2018-07 | 2.6 | 0.8 | 2.3 |
2018-06 | 2.3 | 0.8 | 2.0 |
2018-05 | 2.3 | 1.0 | 2.0 |
2018-04 | 1.8 | 0.8 | 1.6 |
2018-03 | 1.7 | 0.9 | 1.6 |
2018-02 | 1.3 | 0.7 | 1.2 |
2018-01 | 1.5 | 0.8 | 1.3 |
2017-12 | 1.2 | 0.6 | 1.2 |
2017-11 | 1.2 | 0.5 | 1.2 |
2017-10 | 1.2 | 0.5 | 1.1 |
2017-09 | 1.1 | 0.5 | 1.0 |
2017-08 | 1.0 | 0.5 | 0.9 |
2017-07 | 0.8 | 0.5 | 0.7 |
2017-06 | 0.8 | 0.4 | 0.7 |
2017-05 | 0.9 | 0.3 | 0.8 |
2017-04 | 1.4 | 0.5 | 1.2 |
2017-03 | 1.4 | 0.4 | 1.1 |
2017-02 | 1.4 | 0.2 | 1.2 |
2017-01 | 1.6 | 0.6 | 1.3 |
2016-12 | 0.8 | 0.4 | 0.6 |
2016-11 | 0.7 | 0.6 | 0.5 |
2016-10 | 0.5 | 0.5 | 0.4 |
2016-09 | 0.5 | 0.7 | 0.4 |
2016-08 | 0.4 | 0.4 | 0.2 |
2016-07 | 0.4 | 0.5 | 0.2 |
2016-06 | 0.3 | 0.7 | 0.2 |
2016-05 | 0.1 | 0.6 | 0.0 |
2016-04 | -0.1 | 0.6 | -0.2 |
2016-03 | -0.1 | 0.7 | -0.1 |
2016-02 | -0.1 | 0.7 | -0.2 |
2016-01 | 0.3 | 0.9 | 0.2 |
2015-12 | 0.3 | 1.0 | 0.2 |
2015-11 | 0.1 | 0.9 | 0.0 |
2015-10 | 0.2 | 0.8 | 0.1 |
2015-09 | 0.1 | 0.6 | 0.0 |
2015-08 | 0.1 | 0.5 | 0.0 |
2015-07 | 0.2 | 0.6 | 0.2 |
2015-06 | 0.3 | 0.5 | 0.3 |
2015-05 | 0.3 | 0.5 | 0.3 |
2015-04 | 0.1 | 0.4 | 0.1 |
2015-03 | 0.0 | 0.2 | -0.1 |
2015-02 | -0.3 | 0.2 | -0.3 |
2015-01 | -0.4 | 0.1 | -0.4 |
2014-12 | 0.1 | -0.1 | 0.1 |
2014-11 | 0.4 | -0.1 | 0.3 |
2014-10 | 0.5 | 0.0 | 0.5 |
2014-09 | 0.4 | 0.0 | 0.3 |
2014-08 | 0.5 | 0.3 | 0.4 |
2014-07 | 0.6 | 0.1 | 0.5 |
2014-06 | 0.6 | 0.1 | 0.5 |
2014-05 | 0.8 | 0.3 | 0.7 |
2014-04 | 0.8 | 0.5 | 0.7 |
2014-03 | 0.8 | 0.4 | 0.6 |
2014-02 | 1.1 | 0.8 | 0.9 |
2014-01 | 0.8 | 0.2 | 0.6 |
graphiqueConsumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes
Energy prices decreased over one month but accelerated year on year due to a base effect
Year on year, the prices of energy rose by 5.7% in May 2024, after +3.8% in April.
Despite a fall in prices of petroleum products over a month (-2.4% en May), this acceleration can be explained by their strong rebound over a year (+2.9% in May after ‑0.7% in April), notably those of liquid fuel (+7.4% after ‑0.9%), diesel (+2.5% after ‑0.8%) and petrol (+1.8% after ‑0.9%). This “base effect” is explained by a much sharper fall between April and May 2023 than between April and May 2024.
The prices of electricity accelerated slightly over a year (+19.5% after +19.2%) while those of gas decreased at a softer rate than in April (‑12.9% after ‑13.6%). Conversely, the decline of the prices of solid fuel accelerated year-on-year (‑9.8% after ‑9.3%).
Fall of inflation in service over a year
Year on year, service prices increased by 2.8% in May 2024, after +3.0% in April.
The prices of transport slowed down again over one year (+0.2% after +0.6%) due to the slowdown in prices of transport by train (+2.4% after +6.2%). Those of airfares decreased over one year (‑0.2% after ‑0.1%) while those of transport by road are almost stable (+0.1% after ‑3.0%).
Year on year, the prices of “other services” slowed down too (+3.9% after +4.2%) notably those of catering (+3.1% after +3.5%), social protection (+3.6% after +3.9%), insurance services (+7.8% after +8.6%) and cultural and recreational services (+4.4% after +5.0%). Contrariwise prices of accommodation services accelerated over one year (+2.9% after +2.8%).
The prices of communications services continued to decrease (‑6.8% after ‑6.6%). And those of rents, water and household refuse collection slowed down slightly (+2.7% after +2.8%).
Contrariwise, the prices of health services accelerated over one year (+1.6% after +1.4%).
tableauDetailed figures for various groups
Items | Weight | Index | Percentage change | |
---|---|---|---|---|
2024 | April 2024 | m-on-m change (2) | y-on-y change (3) | |
a) All households | ||||
Overall | 10 000 | 120.11 | 0,0 | 2.3 |
Overall SA(1) | 10 000 | 119.71 | 0,0 | 2.3 |
Food | 1 507 | 132.02 | 0.4 | 1.3 |
Fresh food | 185 | 156.52 | 2.9 | 3.5 |
Other food | 1 322 | 128.26 | 0,0 | 0.9 |
Tobacco | 177 | 185.97 | 0,0 | 8.7 |
Manufactured products | 2 324 | 105.38 | 0.1 | 0,0 |
Clothing and footwear | 347 | 108.34 | 0.4 | 0.6 |
Medical products | 398 | 84.59 | -0.3 | -1.2 |
Other manufactured products | 1 579 | 110.24 | 0.1 | 0.2 |
Energy | 832 | 159.76 | -1.2 | 5.7 |
of which petroleum products | 430 | 149.01 | -2.4 | 2.9 |
Services | 5 160 | 116.03 | 0.1 | 2.8 |
Rents, water and household refuse collection | 796 | 110.88 | 0.1 | 2.7 |
Health services | 617 | 103.34 | 0.2 | 1.6 |
Transport | 293 | 122.82 | -2.7 | 0.2 |
Communication | 204 | 93.34 | 0.0 | -6.8 |
Other services | 3 250 | 121.83 | 0.3 | 3.9 |
Total except rents and tobacco | 9 181 | 119.91 | 0.0 | 2.1 |
Total except tobacco | 9 823 | 119.05 | 0.0 | 2.2 |
b) Urban working-class households or households of employees | ||||
All products excluding tobacco | 9 731 | 118.20 | 0.0 | 2.0 |
c) Households in the first quintile of the living standards distribution | ||||
All products excluding tobacco | 9 712 | 118.98 | 0.0 | 2.1 |
- (1) seasonally adjusted
- (2) : [m/(m-1)]
- (3) : [m/(m-12)]
- Geographical coverage: France
- Source : INSEE – Consumer Price Indices
Slight acceleration in food prices year-on-year
Year on year, food prices rose by 1.3% in May 2024, after +1.2% in April. This slight acceleration ended a series of thirteen months of slowdown.
This was due to the clear rebound in prices of fresh products (+3.5% after ‑0.7%): prices were rising for fresh vegetables (+3.1% after ‑4.7%), fresh fish (+3.0% after +0.4%) and fresh fruits (+2.5% after +0.6%).
Excluding fresh products, the year-on-year rise in food prices softened again (+0.9% after +1.5%) notably for bread and cereals (+0.9% after +1.3%), meat (+0.1% after +0.5%), milk, cheese and eggs (+0.8% after +1.4%), sugar, jam, honey, chocolate and confectionery (+1.4% after +2.5%), and alcoholic (+1.6% after +2.0%) and non-alcoholic beverages (+1.8% after +2.7%). Conversely the prices of oils and fats accelerated slightly (+3.3% after +3.2%) still pulled by those of olive oil.
Year on year, manufactured product prices were stable
Year on year, the prices of manufactured products were stable in May 2024, after ‑0.1% in April.
The prices of “other manufactured products” accelerated over one year (+0.2% after +0.0%), due to the combined effect of the less sustained fall in prices of games, toys and hobbies (‑1.3% after ‑3.7%) and major household appliances (‑2.7% after ‑2.9%), the slight rise of those of vehicles (+0.2% after ‑0.1%) and the slight acceleration in prices of glassware, tableware and household utensils (+0.6% after +0.5%). Those of equipment for sport increased at the same rate as in April (+0.6%). On the contrary, the prices of newspapers and periodicals slowed down (+2.6% after +2.8%) and the fall is more significant than for previous month for the non-durable household goods (‑0.7% after ‑0.1%) and furniture and furnishings (‑0.4% after ‑0.3%).
The prices of health products decreased at a slower pace as the previous month (‑1.2% after ‑1.4%).
Finally, the prices of clothing and footwear slowed down slightly (+0.6% after +0.7%).
tableauDetailed figures for Core inflation and HICP
Items | Weight | Index | Percentage change | |
---|---|---|---|---|
2024 | May 2024 | m-on-m change (1) | y-on-y change (2) | |
Core inflation - All items | 6 273 | 115.72 | -0.2 | 1.7 |
Food excluding fresh products, meat, milk and exotic products | 779 | 123.63 | -0.1 | 0.8 |
Manufactured products | 1 879 | 108.32 | 0.2 | 0.0 |
Services including actual rentals and services for dwellings | 3 615 | 118.58 | -0.2 | 2.8 |
HICP - All items | 10 000 | 123.59 | 0.1 | 2.6 |
- (1) : [m/(m-1)]
- (2) : [m/(m-12)]
- Geographical coverage: France
- Source: INSEE - Consumer Price Indices
Revisions
Compared to the provisional estimates published on 31 May 2024, the year-on-year changes in CPI has been revised upwards by 0.1 points and its month-on-month change is confirmed. The month-on-month and year-on-year changes in HICP have been revised downwards by 0.1 points.
For further information
Next publication of provisional results: 28 June 2024 at 8:45 am.
Next publication of final results: 12 July 2024 at 8:45 am.
Documentation
CPI: methodological changes for 2024 (pdf,111 Ko)
Abbreviated Methodology (pdf,131 Ko)
Pour en savoir plus
Next publication of provisional results: 28 June 2024 at 8:45 am.
Next publication of final results: 12 July 2024 at 8:45 am.