Informations Rapides · 12 December 2025 · n° 307

In November 2025, consumer prices fell by 0.2% over one month and rose by 0.9% year on year Consumer price index - final results - November 2025

In November 2025, the Consumer Price Index (CPI) fell slightly back by 0.2% over one month, after +0.1% in October. This fall was due to the decline in services prices (‑0.5% after +0.2%) caused by the seasonal fall in those of transports (‑5.4% after +6.2%) and, to a lesser extent, by the fall in prices of manufactured products (‑0.1% after +0.2%). Conversely, energy prices rebounded (+1.3% after ‑0.4%) pushed by those of petroleum products (+2.7% after ‑0.5%). Tobacco prices rose slightly (+0.1% after stability), while those of food were stable (after ‑0.2%).

Seasonally adjusted, consumer prices increased by 0.1% in November 2025, after a stability in October.

Year on year, consumer prices went up by 0.9% in November 2025, as in October. This stability in inflation is explained on the one hand by the slowdown in services prices (+2.2% after +2.4%) and, to a lesser extent, by a sharper fall in those of manufactured products (‑0.6% after ‑0.5%) compensated; on the other hand, by a lighter fall in energy prices (‑4.6% after ‑5.6%) and, to a lesser extent, by a small acceleration in the prices of food (+1.4% after +1.3%). Regarding tobacco prices, they increased over a year at the same pace as the previous month (+4.1%).

Year on year, core inflation stood at +1.0% in November 2025, after +1.2% in October.

The Harmonised Index of Consumer Prices (HICP) decreased by 0.2% over one month, after +0.1% in October. Year on year, it rose by 0.8% as in October.

Over one year, the prices of services rose by 2.2% in November 2025 after +2.4% in October.

The prices of “other services” slowed down over one year (+2.5% after +2.8%) mainly because of a smaller rise in prices of accommodations services (+0,8% after +3.2%), those of miscellaneous services for private vehicles (+2.2% after +4.1%) and those of maintenance and repair of private vehicles (+2.4% after +2.8%). Insurance services prices slightly slowed down (+6.3% after +6.4%). On the opposite, 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) accelerated slightly (+3.9% after +3.8%), as those of catering services (+2,1% after +2,0%). Those of recreational and cultural services rose at the same rate as the previous month (+2.4%).

Year on year, the prices of communication services fell back (‑1.6% after +2.0%), held back by the slowdown in those of mobile phone services (+1.2% after +7.3%) and by the more marked decrease in those of grouped telecommunication services (‑7.0% after ‑3.2%) which increased a year ago.

Prices of rent, water and household refuse collection accelerated over one year (+2.7% after +2.3%) in connection with the reduction in the solidarity rent discount (SRD), which affected rents in the social housing sector.

Health services prices accelerated slightly year on year (+2.3% after +2.1%).

The decrease in those of transport services softened (‑1.5% after ‑1.8%) driven by the rebound in prices of transport by train (+2.6% after ‑1.2%). Road transport prices slowed down slightly (+0.6% after +0.7%). Conversely, prices of air transport fell at a sharper pace than in October (‑5.2% after ‑3.8%).

Year on year, the prices of energy fell by 4.6% in November 2025, after ‑5.6% in October.

The prices of petroleum products rebounded (+1.0% after ‑1.1%), as those of diesel (+2.6% after ‑0.6%). Those of petrol fell at a smaller rate (‑0.9 % after ‑1.9%).

Gas prices accelerated (+1.8% after +1.1%).

Those of electricity fell again, at a slightly higher rate over year (‑14.0% after ‑13.8%).

Year on year, the prices of manufactured products fell by 0.6% in November, after ‑0.5% in October.

The decrease in prices of “other manufactured products” intensified over one year (‑0.4% after ‑0.2%). Vehicles prices slowed down (+0.1% after +0.4%) while those of furniture and furnishings were stable (after +0.4%). The decrease in prices deepened for major household appliances (‑3.3% after ‑2.4%) and in those of games, toys and hobbies (‑1.0% after ‑0.5%).

Prices of clothing and footwear slowed down again over one year (+0.2% after +0.3%).

The decrease in prices of health products softened compared to October (‑1.9% after ‑2.1%).

Over one year, food prices rose by 1.4% in November 2025, after +1.3% in October.

This rise is driven by prices of food excluding fresh products (+1.9% after +1.8%) driven by the acceleration in those of meat (+2.5% after +1.9%), sugar, jam, honey, chocolate and confectionery (+5.3% after +5.1%), non-alcoholic beverages (+9.5% after +9.3%) and milk, cheese and eggs (+0.8% after +0.7%). Conversely, those of bread and cereals slowed down slightly (+0.7% after +0.8%) as those of alcoholic beverages (+0.3% after +0.4%). Those of oils and fats fell at a faster pace (‑1.9% after ‑1.7%).

The decrease in fresh food prices deepened compared to October (‑2.8% after ‑2.2%), due to the downturn in prices of fresh fruits (‑0.2% after +1.7%) and, to a lesser extent, to a sharper fall in fresh vegetables prices (‑7.7% after ‑7.3%). On the opposite, prices of fresh fish accelerated (+5.9% after +4.1%).

Compared to the provisional estimates published on 28 November 2025, HICP year-on-year and month-on-month changes have been confirmed. CPI year-on-year change have been confirmed while month-on-month change was revised downwards by 0.1 points.