Informations Rapides · 14 August 2024 · n° 201

In July 2024, consumer prices increased by 0.2% over one month and by 2.3% year on year Consumer price index - final results - July 2024

In July 2024, the Consumer Price Index (CPI) increased by 0.2% over one month after +0.1% in June. The slight increase in prices was the result of the rising in prices of services (+1.2% after +0.3%), notably those of transport (+9.3% after +2.0%) and those of accommodation services (+12.6% after +4.4%) like every year at this time, as well as in prices of energy (+1.4% after +0.8%). Prices of manufactured products are falling due to the summer sales (‑2.3% after +0.1%), as well as food prices to a lesser extent (‑0.2%, as in June). Over one month the prices of tobacco were stable as in June and May.

Seasonally adjusted, consumer prices increased by 0.4% in July 2024 after 0.0% en June.

Year on year, consumer prices went up by 2.3% in July 2024, after +2.2% in June. This virtually stability of inflation resulted from the year-on-year rise in prices of energy (+8.5% after +4.8%) mainly due to those of gas (+11.4% after ‑10.8%). Conversely, prices of service (+2.6% after +2.9%) and those of food (+0.5% after +0.8%) slowed down year on year. Prices of tobacco (+8.7%) and manufactured products (0.0%) evolved at the same rate as in June.

Year on year, core inflation increased slightly, reaching +1.5% in July 2024, after +1.8% in June.

The Harmonised Index of Consumer Prices (HICP) increased by 0.2% over one month as in June. Year on year, it increased by 2.7% in July 2024, after +2.5% in June.

Year on year, the prices of energy rose by 8.5% in July 2024, after +4.8% in June.

This acceleration over one year can be explained by the strong rebound in prices of gas (+11.4% after ‑10.8%) and to a lesser degree of petroleum products (+1.1% after +0.7%), notably diesel (+0.8% after +0.6%). Prices of petrol decreased less sharply year on year than in June (‑0.4% after ‑1.3%).

The prices of electricity rose over the year at almost the same rate as in June (+19.5% after +19.4%) as well as those for solid fuels (‑9.2% after ‑9.1%).

Year on year, service prices rose by 2.6% in July 2024, after +2.9% in June.

In July, prices of “other services” slowed down over one year (+3.8% after +4.0%) in the image of prices of accommodation services (+2.1% after +2.5%), cultural and recreational services (+4.3% after +5.2%), insurance services (+7.4% after +7.9%) as well as social protection (+3.4% after +3.5%) and maintenance and repair of the dwelling (+2.6% after +2.7%). In contrast, prices of catering services (+2.9%) and of hairdressing salons and care and beauty institutes (+2.2%) increased at the same rate as in June.

Prices of transport fell back over one year (‑0.9% after +0.6%) due to the sharper fall in airfares prices (‑5.8% after ‑1.7%), to the decrease in prices of transport by train (‑1.0% after +2.1%) and also to the slowdown in prices of transport by road (+1.8% after +3.3%), despite RATP's fare hikes during the Olympic and Paralympic Games. The seasonal increase in transport is less strong than a year ago, which is reflected in the downward calculation over 12 months.

Year on year, prices of communication services (‑5.7% after ‑5.4%) decreased more sharply than in June due to the fall of the prices of mobile phone services (‑11.6% after ‑11.1%).

Compared with June, prices of health services slightly slowed down year on year (+0,9% after +1,0%) and, conversely, prices of rents, water and household refuse collection slightly accelerated (+2.8% after +2.7%).

Year on year, food prices increased by 0.5% in July 2024, after +0.8% in June

Inflation on food excluding fresh products is almost stable over one year (+0.1% after +0,6%). In detail, prices of bread and cereals (+0.3% after +0,7%), of alcoholic (+0.6% after +1.0%) and non-alcoholic beverages (+0.8% after +1.1%) and of sugar, jam, honey, chocolate and confectionery (+0.7% after +1.3%) slowed down year on year. Prices of meat (‑0.6% after 0.0%) and of milk, cheese and eggs (‑0.1% after +0.5%) decreased over one year. Contrariwise, prices of oils and fats accelerated slowly (+3.2% after +3.0%).

Prices of fresh products sharply increased over one year (+2.8% after +2.1%) more specifically those of fresh vegetables (+6.6% after +1.6%). While prices of fresh fruits lightly decreased (‑0.1% after +1.0%) and those of fresh fish slowed down (+1.8% after +2.3%).

As in May and in June, prices of manufactured products were stable year on year in July.

Over one year, prices of “other manufactured products” increased at the same rate as in June (+0.1%). The increase in prices in vehicles (+1.0% after +0.7%), in interior furnishings (+0.1% after 0.0%), in various medical products (+6.3% after +5.9%), in sports equipment (+0.9% after +0.7%) and in jewellery and watchmaking items (+3.8% after +3.5%) was more is more pronounced than in June. Prices of “other appliances, articles and products for personal care” bounced back year on year (+0.2% after ‑0.2%). Prices of furniture and furnishings items (‑0.2% after ‑0.4%) and of games, toys and hobbies (‑1.0% after ‑2.0%) decreased less sharply than in June. In reverse, prices of mobile phones (‑9.4% after ‑5.0%) and of cleaning and maintenance products (‑0.8% after ‑0.1%) decreased at a more sustained pace.

Prices of clothing and footwear accelerated over one year (+0.9% after +0.6%) as those of clothing (+1.2% after +0.9%). Year on year, prices of footwear bounced back (+1.0% after ‑0.3%).

Finally, the prices of health products decreased at a slower pace than in the previous month (‑1.0% after ‑1.1%).

Compared to the provisional estimates published on 31 July 2024, the year-on-year change in CPI has been confirmed and its month-on-month change has been revised upwards by 0.1 point. The month-on-month changes in HICP has been confirmed and its year-on-year change has been revised upwards by 0.1 point.