Informations Rapides · 15 January 2025 · n° 8

In December 2024, consumer prices increased by 0.2% over one month and by 1.3% year on year Consumer price index - final results - December 2024

In December 2024, the Consumer Price Index (CPI) rose by 0.2% over one month, after ‑0.1% in November. This increase in prices is explained by the seasonal rebound in prices of airfares (+16.7% after ‑11.4%) which pushed up prices of services (+0.5% after ‑0.3%). The prices of energy also rose over one month (+0.7% after +0.2%), notably those of gas (+1.5% after ‑0.5%) and petroleum products (+1.0% after +0.5%). Conversely, prices fell slightly over one month for manufactured products (‑0.5% after being stable) and food (‑0.1% after remaining stable). Those of tobacco were stable (after +0.1% in November).

Seasonally adjusted, consumer prices increased by 0.4% in December 2024, after a stability in November.

Year on year, consumer prices went up by 1.3% in December 2024, as in November. This stability in inflation is explained by the year-on-year rebound in prices of energy (+1.2% after ‑0.7%), which was offset by the slowdown in prices of services (+2.2% after +2.3%), the stabilisation of food prices (after +0.2%) and by a slightly larger fall in manufactured goods prices (‑0.4% after ‑0.3%). Year on year, the prices of tobacco rose at the same rate as in November (+8.7%).

Year on year, core inflation fell slightly, reaching +1.3% in December 2024, after +1.5% in November.

The Harmonised Index of Consumer Prices (HICP) rose by 0.2% over one month, after ‑0.1% in November. Year on year, it slightly accelerated again: +1.8% in December 2024, after +1.7% in November.

Year on year, the prices of energy increased by 1.2% in December 2024, after ‑0.7% in November.

The prices of petroleum products fell less sharply over the year (‑4.8% after ‑9.0%) due to the lower decline in diesel prices (‑6.3% after ‑10.7%), petrol (‑2.9% after ‑5.6%) and liquid fuel (‑7.0% after ‑14.5%). This sharp rise in petroleum product inflation can be explained in part by the 1.0% increase in prices between November and December, but above all by the end of the window for calculating the one-month fall in December 2023 (-3.4%).

Year on year, the prices of electricity accelerated slightly (+9.8% after +9.5%), while those of gaz slowed down (+5.3% after +7.2%). The prices of solid fuels fell at a slower rate than in the previous month (‑8.3% after ‑9.0%).

Year on year, service prices rose by 2.2% in December 2024, after +2.3% in November.

Prices of communication services decreased at a faster pace year on year than in November (‑14.7% after ‑12.2%).

Year on year, prices of “other services” slowed down slightly (+3.5% after +3.6%), like those of cultural and recreational services (+1.2% after +1.3%). The prices of catering rose at the same pace than in the previous month (+2,4%), as 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; +2,9%). Conversely, the prices of accommodation services (+6.0% after +4.2%) and insurance services (+9.5% after +9.0%) accelerated year on year.

The prices of transport accelerated again year on year (+5.3% after +4.4%) driven by those of transport by train (+4.8% after +1.5%). Conversely, and despite a sharp increase in prices of air transport over one month (+16.7%), those slowed down over one year (+6.2% after +9.8%) due to a greater rise in December 2023 (+20.6%). The prices of transport by road increased slightly year on year (+4.9% after +4.8%).

Year on year, prices of rents, water and household refuse collection rose by 2.8%, as in the previous month, and those of health services decreased at a similar rate to the previous month (‑1.1% after ‑1.2%).

Year on year, food prices were stable in December 2024, after +0.2% in November.

Prices of fresh products decelerated slightly over one year (‑0.1% after +1.8%) driven by a sharp fall back in those of fresh vegetables (‑3.5% after +2.2%), and a slowdown in the prices of fresh fruits (+1.4% after +1.9%). Conversely, those of fresh fish accelerated sharply year on year (+4.9% after +1.6%).

Prices of food excluding fresh products were stable over one year (after ‑0.1%) like those of bread and cereals (after ‑0.1%). Year on year, the prices of meat fell at a slower rate than in November (‑0.7% after ‑1.0%) like those of milk, cheese and eggs (‑0.7% after ‑0.8%). The prices of non-alcoholic beverages accelerated year on year (+1.6% after +1.3%) unlike those of alcoholic beverages, which slowed down slightly (+0.3% after +0.4%). The prices of oils and fats rose at the same pace as in the previous month (+4,1%), like those of sugar, jam, honey, chocolate and confectionery (+2.8%).

The prices of manufactured products decreased by 0.4% year on year in December, after ‑0.3 % in November.

The prices of clothing and footwear fell more sharply year on year (‑0.4% after ‑0.1%). Those of health products decreased at the same rate than in the previous month (‑1.5%).

Over one year, prices of “other manufactured products” fell by 0.2% after remaining stable in November.The prices of games, toys and hobbies fell at a faster rate than in the previous month (‑2.1% after ‑0.5%) as those of major household appliances (‑2.5% after ‑2.2%). Furniture and furnishings prices went down (-0.2% after +0.3%). Those of newspapers and periodicals slowed down slightly (+2.4% after +2.5%) like those of glassware, tableware and household utensils (+0.4% after +0.5%). Contrariwise, the prices of vehicles accelerated again slightly (+1.2% after +1.1%) and those of equipment for sport were stable, after ‑0.6% in November.

Compared to the provisional estimates published on 7 January 2025, both month-on-month and year-on-year changes in CPI and in HICP are confirmed.