Informations Rapides · 14 March 2025 · n° 61

In February 2025, consumer prices were stable over one month and rose by 0.8% year on year Consumer price index - final results - February 2025

In February 2025, the Consumer Price Index (CPI) was stable over one month, after +0.2% in January. The sharp fall in energy prices (‑4.6% after +1.6%), due to the fall in electricity prices (‑12.6% after ‑0.1%), was offset on the one hand, by the rise in services prices (+0.6% after +0.3%), in particular transport services (+3.9% after ‑8.3%) and rents, water, household waste collection (+1.1% after +0.2%), and on the other hand by the rebound in prices of manufactured products (+0.3% after ‑1.1%). Over one month, the prices of tobacco slowed down (+0.2% after +3.8%), while prices of food fell back slightly (‑0.1% after +0.3%).

Seasonally adjusted, consumer prices decreased by 0.5% in February 2025 after +0.5% in January.

Year on year, consumer prices went up by 0.8% in February 2025, after +1.7% in January. For the first time since February 2021, the year-on-year change is below 1%. This fall in inflation is explained by the fall in prices of energy over the year (‑5.8% after +2.7%), and to a lesser extent by the slowdown in those of services (+2.2% after +2.5%), manufactured goods (stable after +0.2%) and tobacco (+4.5% after +6.0%). Conversely, the prices of food accelerated slightly over the year (+0.3% after +0.1%).

Year on year, core inflation slightly slowed, reaching +1.3% in February 2025, after +1.4% in January.

The Harmonised Index of Consumer Prices (HICP) rebounded over one month (+0,1% after ‑0.2% in January). Year on year, it rose by 0.9%, after +1.8% in January.

Year on year, prices of energy fell by 5.8% in February 2025, after +2.7% in January.

This year-on-year downturn is primarily due to the fall in the prices of electricity (‑12.6% after +9.3%), caused by a 15% average fall in regulated tariffs, whereas they had risen by an average of 9.5% in February 2024.

Over one year, the prices of petroleum products fell at a faster rate than in January (‑4.5% after ‑1.3%), as did those for diesel (‑5.9% after ‑2.0%), petrol (‑2.8% after ‑0.3%) and liquid fuels (‑5.6% after ‑2.2%).

Conversely, the prices of gas accelerated over the year (+11.7% after +3.7%).

Year on year, prices of services rose by 2.2%, after +2.5% in January.

Over one year, the prices of “other services” slowed (+3.3% after +3.5%), as did those in insurance (+8.5% after +9.0%), cultural and recreational services (+1.0% after +1.4%) and social protection (child care services, retirement homes for elderly persons and residences for disabled persons, services to maintain people in their private homes; +4.2% after +4.6%). Conversely, the prices of catering accelerated over the year (+2.2% after +2.1%), as did those of accommodation services (+6.0% after +5.5%).

Prices of health services also slowed year on year (+1.2% after +1.9%).

Prices of rents, water and household refuse collection rose year on year at the same rate as in January (+2.7%).

The rise of the prices of transport in February and January was similar (+1.5%). Prices of transports by road slowed (+5.6% after +6.0%), as did those of rail transports (stable after +3.2%), while those of airfare slowed less sharply over one year than in January (-0,1% after ‑2.5%).

Prices of communication services fell at a faster rate than in January (‑13.6% after ‑12.8%).

Year on year, the prices of manufactured products were stable in February, after +0.2% in January.

Over a year, prices of “other manufactured products” stabilised after +0.3% in January. This fall in inflation is explained by the slowdown in prices of vehicles (+2.0% after +2.4%) and glassware, tableware and household utensils (+0.5% after +0.8%), and by the fall back in prices for games, toys and hobbies (‑1.1% after +0.2%), equipment for sport (‑0.4% after +1.0%) and furniture and furnishings (‑0.4% after remaining stable). Conversely, prices for non-durable household goods (cleaning and maintenance products and other non-durable small household articles) fell less than in January (‑1.5% after ‑1.7%). The prices of newspapers and periodicals increased at the same rate over one year as in January (+2.0%).

The prices of clothing and footwear slowed slightly (+1.6% after +1.7%). The prices of health products fell less sharply over one year (‑1.4% after ‑1.8%).

Year on year, food prices accelerated slightly in February 2025 (+0.3% after +0.1%).

This rise in inflation is due to the acceleration in prices of fresh products (+1.8% after +0.4%), driven by the year-on-year rebound in fresh vegetable prices (+2.7% after ‑2.5%). Conversely, prices of fresh fruit slowed down year-on-year (+1.6% after +2.0%), as did those of fresh fish (+3.2% after +6.4%).

Prices of food excluding fresh products were virtually stable over one year (+0.1% as in January) as those of bread and cereals (+0.1% as in the previous month). Year on year, prices of meat decreased at a lower rate than in January (‑0.4% after ‑0.6%). Prices of alcoholic beverages accelerated in February (+0.3% after +0.1%), like those of sugar, jam, honey, chocolate and confectionery (+3.8% after +3.4%), while those of oils and fats slowed down (+2.6% after +3.4%), as did those of non-alcoholic beverages (+1.6% after +1.7%). Prices of milk, cheese and egg fell faster year on year than last month (‑0.9% after ‑0.8%).

Compared to the provisional estimates published on 28 February 2025, both month-on-month and year-on-year changes in CPI have been confirmed. For HCPI, year-on-year change has been confirmed and month-on-month change has been revised upwards by 0.1 points.