Informations Rapides · 16 March 2021 · n° 064

In February 2021, consumer prices were stable over one month and rose by 0.6% year on year Consumer price index - final results - February 2021

In February 2021, the Consumer Price Index (CPI) was stable over one month, after +0.2% in January. The decrease in manufactured goods prices accentuated due to the two-week extension of the winter sales (–0.9% after –0.4%). The food prices fell back (–0.2% after +0.4%) and those of tobacco were stable. The service prices grew (+0.2% after +0.1%) and those of energy accelerated (+2.5% after +1.7%).

Seasonally adjusted, consumer prices fell back by 0.1%, after +0.7% in January.

Year on year, consumer prices rose by 0.6% as in the previous month. This stability in inflation came from a downturn in manufactured goods prices (–0.4% after +0.8%) and a slowdown in food prices (+0.8% after +1.0%), offset by the smaller decline in energy prices than in the last month (–1.6% after –5.8%) and the slight rise in tobacco prices (+12.8% after +12.7%). The service prices increased at the same rate as in the previous month (+0.8%).

Year on year, core inflation fell, in February, down to +0.6% after +1.0% in January. The Harmonised Index of Consumer Prices (HICP) was stable over one month after +0.3% in the previous month; year on year, it increased by 0.8% as in January.

Year on year, manufactured product prices fell back by 0.4%, after +0.8% in January, due to the extension of winter sales period. Clothing and footwear prices declined by 3.0% after +3.7% in the previous month. Those of “other manufactured goods” slowed down (+0.2% after +0.7%) in the wake of those of furniture and furnishings (+1.9% after +3.9%), those of glassware, tableware and household utensils (+1.5% after +2.2%) and those of equipment for sport (+0.9% after +1.8%). The decrease in mobile phones prices (−4.5% after +3.0%) and in new cars prices (−1.3% after −0.9%) accentuated. Conversely, the prices of gardens, plants and flowers (+2.1% after +1.8%) and those of newspapers, books and stationery (+1.9% after +1.5%) accelerated in February. Finally, the prices of health products fell less than in the previous month (−0.7% after −1.4%).

In February, food prices increased by 0.8% after +1.0% in January. The prices of fresh produces slowed down (+3.7% after +5.1%) in the wake of those of fresh vegetables (+2.4% after +8.6%). The prices of fresh fruits accelerated (+8.1% after +7.6%) and those of fresh fishes declined less strongly than in the last month (−0.9% after −5.7%). Excluding fresh produces, food prices increased at the same rate as in the previous month (+0.3%). The prices of meat (+0.9% after +0.6%) and those of bread and cereals (+0.4% after +0.3%) accelerated. The prices of alcoholic beverages slowed down (+0.8% after +1.0%).

Year on year, the decline in energy prices softened in February (−1.6% after −5.8%). The prices of petroleum product decreased less strongly than in January (−4.6% after −11.7%) in the wake of diesel prices (−4.9% after −12.6%) and petrol prices (−3.2% after −8.9%). The natural and town gas prices rebounded in February (+0.7% after −4.3%) and those of electricity slowed down (+3.0% after +3.8%).

Year on year, service prices increased by 0.8% in February, as in January. The prices of communication services slowed down (+1.3% after +2.0%) in the wake of those of internet access provision services (+3.6% after +6.0%) and those of bundled telecommunication services (+2.8% after +4.2%). The transport service prices fell back (−0.7% after +0.2%) in link with the marked decrease in airfares (−4.5% after −1.1%) and in railway prices (−7.3% after −4.9%). The prices of health services were stable after +0.1% in January and those of housing-related services accelerated sharply (+0.8% after +0.3%). The prices of « other services » increased at the same rate as in the last month (+0.9%).

Compared with the provisional estimates published on February 26, 2021, the month-on-month change in CPI has been revised upwards by 0.1 points and the year-on-year change by 0.2 points. The month-on-month change in HICP has been confirmed and the year-on-year change has been revised upwards by 0.1 points.