Informations Rapides · 15 November 2024 · n° 281

In October 2024, consumer prices increased by 0.3% over one month and by 1.2% year on year Consumer price index - final results - October 2024

In October 2024, the Consumer Price Index (CPI) increased by 0.3% over one month, after ‑1.2% in September. Over one month, the prices of services rose (+0.2% after ‑2.2%), notably due to the increase in those of transports (+6.0% after ‑13.5%) and in particular airfares (+14.9% after ‑24.8%), and those of rents, water and household refuse collection (+0.6% after +0.1%). The prices increased also in manufactured products (+0.3% after +0.5%), energy (+0.8% after ‑1.8%) and food (+0.2% after ‑0.3%), especially fresh products (+2.3% after ‑0.8%). Tobacco prices were stable over one month as in September.

Seasonally adjusted, consumer prices increased by 0.2% in October 2024 after ‑0.6% in September.

Year on year, consumer prices went up by 1.2% in October 2024, after +1.1% in September. This virtual stability in inflation resulted from the year-on-year fall in energy prices less marked than in the previous month (‑2.0% after ‑3.3%), partly offset by a slowdown in those of services (+2.3% after +2.4%). Year on year, the prices of manufactured products evolved at a rate close to that of September (‑0.2% after ‑0.3%), like those of food (+0.6% after +0.5%) and tobacco (+8.7% after +8.7%).

Year on year, core inflation stabilised, reaching +1.4% in October 2024, as in September.

The Harmonised Index of Consumer Prices (HICP) increased by 0.3% over one month, after ‑1.3% in September. Year on year, it slightly accelerated: +1.6% in October 2024, after +1.4% in September.

Year on year, the prices of energy fell back by 2.0% in October 2024, after ‑3.3% in September.

The prices of petroleum products fell less sharply over the year (‑12.0% after ‑14.2%) due to the lower decline in diesel prices (‑14.8% after ‑16.3%) and petrol (‑7.5% after ‑12.0%). Contrariwise, those of liquid fuel fell a little more sharply than in September (‑16.6% after ‑16.1%).

Year on year, the prices of gas accelerated (+10.7% after +8.3%), those of electricity slowed down (+9.0% after +9.4%) while those of solid fuels fell at a slightly slower rate than in the previous month (‑9.7% after ‑9.9%).

Year on year, service prices rose by 2.3% in October 2024, after +2.4% in September.

Year on year, prices of “other services” decelerated slightly again (+3.5% after +3.7%), similarly to those of maintenance and repair of private vehicles (+4.6% after +5.2%), of dwelling (+2.4% after +2.6%), of social protection (child care services, retirement homes for elderly persons and residences for disabled persons, services to maintain people in their private homes) (+3.0% after +3.1%) or catering (+2.6% after +2.7%). Conversely, the prices of insurance services (+8.7% after +8.3%) and accommodation services (+3.1% after +3.0%) accelerated over one year while those of cultural and recreational services increased at the same rate as in the previous month (+3.1%).

Year on year, prices of communication services decreased at a faster pace than in September (‑13.6% after ‑11.3%).

Conversely, the prices of transport accelerated over a year (+4.1% after +2.3%): the slowdown in prices of transport by road (+5.7% after +6.2%) and by train (+0.5% after +1.1%) is outweighed by the sharp acceleration in prices of airfares (+6.2% after +1.8%)

Year on year, prices of rents, water and household refuse collection accelerated slightly (+2.9% after +2.7%) and those of health services decreased at a slightly slower pace than in September (‑0.2% after ‑0.4%).

The prices of manufactured products decreased slightly by 0.2% year on year in October, after ‑0.3 % in September.

The prices of clothing and footwear increased slightly year on year (+0.1% after ‑0.2%).

Over one year, prices of “other manufactured products” were stable (after ‑0.1%). Those of vehicles accelerated (+0.8% after +0.4%) like those of and newspapers and periodicals (+2.3% after +2.2%), while those of furniture and furnishings (+0.2%), glassware, tableware and household utensils (+0.1%) and games, toys and hobbies (‑1.5%) evolved at the same rate as the previous month. The prices of equipment for sport slowed down year on year (+0.7% after +1.2%) and those of major household appliances fell at a faster pace than in September (‑2.4% after ‑2.1%).

Prices of health products decreased at almost the same pace than in the previous month (‑1.2% after ‑1.1%).

Year on year, food prices increased by 0.6% in October 2024, after +0.5% in September.

Prices of fresh products accelerated over one year (+4.5% after +2.6%) driven by those of fresh vegetables (+9.1% after +2.9%). Contrariwise, the prices of fresh fruits slowed down year on year (+2.4% after +2.6%) like those of fresh fish (+2.3% after +3.5%).

Prices of food excluding fresh products were stable over one year (after +0.1% in September). The prices of oils and fats accelerated (+4.2% after +3.9%), like those of sugar, jam, honey, chocolate and confectionery (+2.7% after +2.4%) and those of non-alcoholic beverages (+1.1% after +0.9%). Those of alcoholic beverages slowed down (+0.3% after +0.7%). Contrariwise, the prices of meat decreased at a slower pace than in September (‑0.6% after ‑0.8%) and those of milk, cheese and eggs fell a little more than in the previous month (‑0.7% after ‑0.6%). The prices of bread and cereals remained stable over the year, as in September.

Compared to the provisional estimates published on 31 October 2024, the month-on-month change in CPI has been revised upwards by 0.1 points and its year-on-year change has been confirmed. For the HICP, the month-on-month change has been confirmed and its year-on-year change has been revised upwards by 0.1 points.