14 June 2018
2018- n° 153In May 2018, consumer prices rose by 0.4% over one month and by 2.0% year on year Consumer price index - final results - May 2018
In May 2018, the Consumer Prices Index (CPI) accelerated to +0.4% over one month, after a slowdown in April (+0.2%). This higher rise came from those in energy prices (+2.0% after +0.9%), food prices (+0.9% after +0.1%) and “manufactured product” prices (+0.3% after +0.1%). Services prices increased at the same pace as in the previous month (+0.1%) and those of tobacco dropped by 0.6% after a stability in April.
Monthly change: 0.4% in May; Year-on-year change: +2.0%
In May 2018, the Consumer Prices Index (CPI) accelerated to +0.4% over one month, after a slowdown in April (+0.2%). This higher rise came from those in energy prices (+2.0% after +0.9%), food prices (+0.9% after +0.1%) and “manufactured product” prices (+0.3% after +0.1%). Services prices increased at the same pace as in the previous month (+0.1%) and those of tobacco dropped by 0.6% after a stability in April.
Seasonally adjusted, consumer prices accelerated: +0.3% after +0.1% in April.
Year on year, consumer prices rose by 2.0%, 0.4 points of percentage more than in the previous month. This stronger increase resulted from a sharp year-on-year acceleration in energy prices and, to a lesser extent, in these of food and services. “Manufactured product” prices fell a little less than in the previous month and tobacco prices slowed down.
Slight rise in core inflation year on year
Year on year, core inflation slighlty increased: +1.0% after +0.8% in the previous month. The Harmonised Index of Consumer Prices (HICP) gathered pace to +0.5% after a slowdown in April (+0.2%); year on year, it grew by 2.3%, after +1.8% in the previous month.
Acceleration in energy prices year on year
Energy infation sharply gathered pace in May 2018 for the second consecutive month (+10.0% year on year after +6.3%), due to a stronger rise in petroleum product prices (+17.0% year on year after +10.7%) in the wake of Brent prices. On the same way, gas prices strongly grew (+4.1% year on year after +0.5%).
tableauTable1 – Detailed figures for various groups
| Items | Weight | Index | Percentage change | |
|---|---|---|---|---|
| 2018 | May 2018 | m-on-m change(2) | y-on-y change(3) | |
| a) All households | ||||
| Overall | 10000 | 103.36 | 0.4 | 2.0 |
| Overall SA(1) | 10000 | 103.02 | 0.3 | 2.0 |
| Food | 1627 | 103.64 | 0.9 | 1.8 |
| Fresh food | 243 | 114.87 | 4.7 | 5.0 |
| Other food | 1384 | 101.83 | 0.2 | 1.2 |
| Tobacco | 193 | 119.21 | −0.6 | 16.1 |
| Manufactured products | 2594 | 99.68 | 0.3 | −0.2 |
| Clothing and footwear | 416 | 104.59 | 0.9 | −0.2 |
| Medical products | 425 | 92.79 | −0.1 | −2.3 |
| Other manufactured products | 1753 | 100.26 | 0.2 | 0.3 |
| Energy | 777 | 112.71 | 2.0 | 10.0 |
| Petroleum products | 408 | 120.64 | 3.5 | 17.0 |
| Services | 4809 | 103.23 | 0.1 | 1.5 |
| Actual rentals and services for dwellings | 764 | 101.77 | 0.1 | 0.7 |
| Health services | 617 | 102.52 | 0.1 | 1.1 |
| Transport | 282 | 100.33 | −2.6 | 2.4 |
| Communication | 223 | 99.61 | 0.5 | 1.1 |
| Other services | 2923 | 104.35 | 0.4 | 1.7 |
| Total except rents and tobacco | 9192 | 103.20 | 0.5 | 1.8 |
| Total except tobacco | 9807 | 103.06 | 0.5 | 1.8 |
| b) Urban working-class households or households of employees | ||||
| All products excluding tobacco | 9706 | 102.93 | 0.5 | 1.7 |
| c) Households that belong to the lowest equivalized disposable income quintile - France | ||||
| All products excluding tobacco | 9700 | 102.75 | 0.4 | 1.7 |
- (1) seasonally adjusted
- (2) [m/(m-1)]
- (3) [m/(m-12)]
- Geographical coverage: France excluding Mayotte
- Source: INSEE - Consumer Price Indices
New rise in food inflation
In May 2018, food prices rose more than in April: +1.8% year on year after +1.6%, the highest increase since August 2013. The prices of fresh food products sharply accelerated (+5.0% year on year after +3.9%), in line with a stronger rise in prices of fresh vegetables (+7.3% after +5.8%) and fresh fruits (+8.5% after +6.8%). Excluding fresh products, food prices were up by 1.2% year on year for the fourth consecutive month.
Tobacco prices slowed down, but remained dynamic (+16.1% year on year after +16.5%).
Slight rise in services inflation
Year on year, services prices rose by 1.5% after +1.4% in April. Transport prices gathered pace (+2.4% year on year after +1.2%), due to a rebound in airfares (+2.0% year on year after −0.9%). The prices of rail transport rose more (+0.8% year on year after +0.5%), because of longer promotional offers in discount cards in May 2017. The prices of communication services sharply rebounded (+1.1% year on year after −0.5%). Moreover the prices of actual rentals and services for dwellings (+0.7% after +0.5%) and of accommodation services (+3.5% year on year after +3.2%) slightly accelerated after a slowdown in the previous month. On the other hand, insurance prices slowed down (+1.7% after +2.3%), as those of health services (+1.1% year on year after +1.7%). Their prices sharply grew in May 2017 due to the increase in general practice fees.
Lesser drop in manufactured products prices year on year
Year on year, “manufactured product” prices dropped by 0.2% after −0.3% in the previous month. Clothing and footwear prices dropped a little less than in April (−0.2% year on year after −0.6%), due to a lesser fall in clothing prices (−0.1% year on year after −0.8%). The prices of “other manufactured products” barely accelerated (+0.3% year on year after +0.2%). New motor cars prices rose more (+2.2% year on year after +1.4%) and those in household appliances dropped more markedly than in the previous month (−1.7% after −1.2%) and those of furniture edged down after a stability in April (−0.5%). On the other hand, health product prices dropped again (−2.3% year on year after −2.4%).
graphiqueGraph1 – Consumer Price Index (CPI), core inflation (ISJ) (1) and Harmonised Index of Consumer Prices (HICP) (2) year-on-year changes
tableauTable2 – Detailed figures for Core inflation(1) and HICP(2)
| Items | Weight | Index | Percentage change | |
|---|---|---|---|---|
| 2018 | May 2018 | m-on-m change(3) | y-on-y change(4) | |
| Core inflation - All items | 6041 | 102.01 | 0.2 | 1.0 |
| Food excluding fresh products, meat, milk and exotic products | 740 | 101.27 | 0.2 | 0.8 |
| Manufactured products | 2125 | 99.90 | 0.1 | 0.2 |
| Services including actual rentals and services for dwellings | 3176 | 103.64 | 0.2 | 1.6 |
| HICP - All items | 103.92 | 0.5 | 2.3 | |
- (1) Core inflation indicator excludes public sector prices, the most volatile consumer prices and the tax measures. Seasonally adjusted, this index is calculated for all households in France excluding overseas departments and territories. (in French “indice d'inflation sous-jacent - ISJ”)
- (2) HICP: Harmonised Indices of Consumer Prices are inflation figures designed for international comparison between Member states of the European Union. This index is calculated for all households in France excluding Mayotte.
- (3) [m/(m-1)]
- (4) [m/(m-12)]
- Source: INSEE - Consumer Price Indices
Revisions
Compared with the provisional estimates published on May 31, 2018, the month-on-month and year-on-year changes in the CPI are unchanged. The month-on-month change in the HICP are up by 0.1points and the year-on-year change is confirmed.
Documentation
Methodology (pdf,141 Ko)
Pour en savoir plus
