Informations Rapides · 13 September 2024 · n° 226

In August 2024, consumer prices increased by 0.5% over one month and by 1.8% year on year Consumer price index - final results - August 2024

In August 2024, the Consumer Price Index (CPI) increased by 0.5% over one month, after +0.2% in July. This rise in prices was mainly due to the rebound in prices of manufactured products from the July sales (+1.4% after ‑2.3%), and notably the one in prices of clothing and footwear (+6.2% after ‑10.7%). The prices of services also increased over one month (+0.5% after +1.2%) especially those of accommodation services (+7.2% after + 12.6%). Over one month, the prices of food rebounded slightly (+0.3% after ‑0.2%), while those of energy fell back (‑1.3% after +1.4%). Over one month, the prices of tobacco remained stable compared with the previous month.

Seasonally adjusted, consumer prices increased by 0.2% in August 2024 after +0.4% en July.

Year on year, consumer prices went up by 1.8% in August 2024, after +2.3% in July. This drop in inflation resulted from the very sharp slowdown in prices of energy (+0.4% after +8.5%), due to the slowdown of electricity (+10.5% after +19.5%) and the fall back of petroleum products (‑8.2% after +1.1%). Conversely, the prices of services accelerated over one year (+3.0% after +2.6%). Year on year, those of food (+0.5% after +0.5%), manufactured products (‑0.1% after 0.0%) and tobacco (+8.7% after +8.7%) evolved at a rate close to that of July.

Year on year, core inflation increased slightly, reaching +1.7% in August 2024, after +1.5% in July.

The Harmonised Index of Consumer Prices (HICP) increased by 0.6% over one month, after +0.2% in July. Year on year, it slowed down: +2.2% in August 2024, after +2.7% in July.

Year on year, the prices of energy rose by 0.4% in August 2024, after +8.5% in July.

Over one year, the prices of petroleum products fell back strongly (‑8.2% after +1.1%) due to diesel (‑9.6% after +0.8%), petrol (‑6.9% after ‑0.4%) and liquid fuel (‑9.5% after +6.0%). This decline is explained by a 2.8% drop in petroleum products, following a 7.0% increase in August 2023.

The prices of electricity also decelerated strongly over the year (+10.5% after +19.5%) mainly due to a base effect linked to the increase in regulated electricity tariffs applicable from August 1st 2023.

To a lesser extend, the prices of gas also decelerated year on year (+9.4% after +11.4%) and those of solid fuels fell at a faster rate than in the previous month (‑9.5% after ‑9.2%).

Year on year, service prices rose by 3.0% in August 2024, after +2.6% in July.

This acceleration was due to the strong rebound in prices of transport (+4.5% after ‑0.9%). The prices of transport by road accelerated (+6.9% after +1.8%), those of transport by train rebounded (+4.3% after ‑1.0%) and those of airfares fell at a lesser rate than in July (‑0.2% after ‑5.8%).

Year on year, prices of “other services” accelerated slightly (+4.0% after +3.8%), mirroring the acceleration in prices of accommodation services (+4.7% after +2.1%) and insurance services (+7.9% after +7.4%). Conversely, the prices of cultural and recreational services (+3.6% after +4.3%) and catering (+2.8% after +2.9%) slowed down. Those of social protection (child care services, retirement homes for elderly persons and residences for disabled persons, services to maintain people in their private homes) increased at the same rate as in July (+3.4%).

Furthermore, prices of health services slowed down again year on year (+0.6% after +0.9%) and those of communication services fell more sharply than in July (‑6.3% after ‑5.7%).

Year on year, prices of rents, water and household refuse collection increased at the same pace as in the previous month (+2.8%).

Year on year, food prices increased by 0.5% in August 2024, as in July

Prices of food excluding fresh products was almost stable over one year (+0.1%), as in July. Those of meat fell at a slower rate than in the previous month (‑0.5% after ‑0.6%), while those of milk, cheese and eggs fell at a slightly higher rate (‑0.5% after ‑0.1%). Prices of bread and cereals slowed down slightly (+0.2% after +0.3%). Those of sugar, jam, honey, chocolate and confectionery accelerated (+1.5% after +0.7%), like those of oils and fats (+3.5% after +3.2%), and those of alcoholic (+0.7% after +0.6%) and non-alcoholic beverages (+0.9% after +0.8%).

Prices of fresh products slowed very slightly over the year (+2.7% after +2.8%) driven by those of fresh vegetables (+5.0% after +6.6%). While the prices of fresh fruits rebounded (+1.6% after ‑0.1%), those of fresh fish accelerated slightly (+2.0% after +1.8%).

The prices of manufactured products decreased slightly by 0.1% year on year in August, after remaining stable in July.

Over one year, prices of “other manufactured products” were stable (after +0.1%). Those of vehicles slowed down (+0.7% after +1.0%), like those of newspapers and periodicals (+2.4% after +2.5%). Prices of games, toys and hobbies (‑1.7% after ‑1.0%) and non-durable household goods (‑2.2% after ‑2.0%) fell at a faster rate than in the previous month. Contrariwise, the prices of furniture and furnishings rebounded (+0.6% after ‑0.2%), while those of glassware, tableware and household utensils (+0.1%) and equipment for sport (+0.9%) rose at the same rate as in July.

Prices of health products decreased at a slightly faster pace than in the previous month (‑1.1% after ‑1.0%).

Conversely, the prices of clothing and footwear accelerated slightly over one year (+1.0% after +0.9%).

Compared to the provisional estimates published on 30 August 2024, the month-on-month and year-on-year changes in CPI been revised downwards by 0.1 point. The month-on-month and year-on-year changes in HICP have been confirmed.