Informations Rapides · 15 October 2024 · n° 255

In September 2024, consumer prices decreased by 1.2% over one month and increased by 1.1% year on year Consumer price index - final results - September 2024

In September 2024, the Consumer Price Index (CPI) decreased by 1.2% over one month, after +0.5% in August, this represents the sharpest monthly fall in prices since the series began in 1990. This decrease in prices was due, on the one hand, to the fall in prices of services (‑2.2% after +0.5%) because of the seasonal effect of the fall in transport prices (‑13.5% after +1.4%), particularly passenger transport by air (‑24.8% after +0.7%), and accommodation services (‑17.2% after +7.2%), marking the return to normal of certain tariffs following the summer holidays and the Olympic and Paralympic Games. On the other hand, prices of energy decreased again (-1.8% after -1.3%) due to the fall in prices of petroleum products (‑3.5% after ‑2.8%). Prices of food slightly decreased over one month (‑0.3% after +0.3%). Conversely, prices of manufactured goods rose but slowed down over the month (+0.5% after +1.4%), like those of clothing and footwear prices (+4.0% after +6.2%). Tobacco prices were stable over one month as in August.

Seasonally adjusted, consumer prices decreased by 0.6% in September 2024 after +0.2% inAugust.

Year on year, consumer prices went up by 1.1% in September 2024, after +1.8% in August. This drop in inflation resulted from the sharp fall back in prices of energy (‑3.3% after +0.4%) and the slowdown in those of services (+2.4% after +3.0%). Year on year, the prices of manufactured products (‑0.3% after ‑0.1%), food (+0.5% after +0.5%) and tobacco (+8.7% after +8.7%) evolved year on year at a rate close to or similar to that of August.

Year on year, core inflation slowed down, reaching +1.4% in September 2024, after +1.7% in August.

The Harmonised Index of Consumer Prices (HICP) decreased by 1.3% over one month, after +0.6% in August. Year on year, it slowed down: +1.4% in September 2024, after +2.2% in August.

Year on year, the prices of energy fell back sharply by 3.3% in September 2024, after +0.4% in August.

The prices of petroleum products decreased even more strongly over a year (‑14.2% after ‑8.2%) due to decline in prices of diesel (‑16.3% after ‑9.6%), petrol (‑12.0% after ‑6.9%) and liquid fuel (‑16.1% after ‑9.5%).

Year on year, the prices of electricity (+9.4% after +10.5%) and gas (+8.3% after +9.5%) slowed down and those of solid fuels (‑9.9% after ‑9.5%) fell at a faster rate than in the previous month.

Year on year, service prices rose by 2.4% in September 2024, after +3.0% in August.

Year on year, the prices of transport slowed down (+2.3% after +4.5%) in line with those of transport by road (+6.2% after +6.9%) and by train (+1.1% after +4.3%), particularly due to the return to normal of certain tariffs following the Olympic and Paralympic Games. Contrariwise, the prices of airfares rebounded (+1.8% after ‑0.2%).

Year on year, prices of “other services” also decelerated but more slightly (+3.7% after +4.0%): prices of accommodation services slowed down (+3.0% after +4.7%) like those of cultural and recreational services to a lesser extent (+3.1% after +3.6%), catering (+2.7% after +2.8%), maintenance and repair of the dwelling (+2.6% after +2.7%) and private vehicles (+5.2% after +5.7%), and social protection (child care services, retirement homes for elderly persons and residences for disabled persons, services to maintain people in their private homes; +3.1% after +3.4%). Conversely, the prices of insurance services accelerated over one year (+8.3% after +7.9%).

Year on year, prices of communication services decreased at a faster pace than in August (‑11.3% after ‑6.3%), those of health services fell back (‑0.4% after +0.6%) due to the services of medical analysis laboratories (-12.1% after -5.1%). Prices of rents, water and household refuse collection slowed down slightly (+2.7% after +2.8%).

The prices of manufactured products decreased by 0.3% year on year in September, after -0.1% in August.

The prices of clothing and footwear fell back slightly over one year (‑0.2% after +1.0%).

Over one year, prices of “other manufactured products” fell slightly (‑0.1% after 0.0%). Those of vehicles slowed down (+0.4% after +0.7%), like those of newspapers and periodicals (+2.2% after +2.4%) and furniture and furnishings (+0.2% after +0.6%). The prices of of glassware, tableware and household utensils increased at the same rate as in August (+0.1%), while those of equipment for sport accelerated over one year (+1.2% after +0.9%). Contrariwise, prices of games, toys and hobbies decreased but at a slower rate than in the previous month (‑1.5% after ‑1.7%), like those of non-durable household goods (‑2.0% after ‑2.2%) and major household appliances (‑2.1% after ‑2.6%).

Prices of health products decreased at the same pace than in the previous month (‑1.1%).

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

Prices of food excluding fresh products was almost stable over one year (+0.1%), as in August. Those of alcoholic (+0.7%) and non-alcoholic beverages (+0.9%) increased over a year at the same rate as in the previous month, while the prices of oils and fats (+3.9% after +3.5%) and sugar, jam, honey, chocolate and confectionery (+2.4% after +1.5%) accelerated over one year. Prices of bread and cereals were stable (after +0.2%). Contrariwise, those of meat fell at a slightly faster rate than in August (‑0.8% after ‑0.5%), as those of milk, cheese and eggs (‑0.6% after ‑0.5%).

Prices of fresh products slowed down again over one year (+2.6% after +2.7%) once again driven by the slowdown of fresh vegetables prices (+2.9% after +5.0%). Contrariwise, the prices of fresh fruits (+2.6% after +1.6%) and fresh fish accelerated over a year (+3.5% after +2.0%).

Compared to the provisional estimates published on 27 September 2024, the year-on-year changes in CPI and both month-on-month and year-on-year changes in HICP have been revised downwards by 0.1 point. The month-on-month changes in CPI have been confirmed.