15 May 2019

2019- n° 124

In April 2019, consumer prices rose by 0.3% over one month and by 1.3% year on year Consumer price index - final results - April 2019

In April 2019, the Consumer Prices Index (CPI) rose by 0.3% over a month, after +0.8% in March 2019. The prices of manufactured product (+0.1% after +2.1%), energy (+0.6% after +1.1%) and tobacco (+0.1% after +7.3%) slowed down sharply in April. Contrariwise, services prices accelerated (+0.5% after 0.2%) and those of food rebounded very slightly (+0.1% after −0.2%).

Seasonally adjusted, consumer prices increased by 0.3% over a month, after +0.1% in March.

Year on year, consumer prices gathered pace in April to +1.3% after +1.1% in March 2019. This rise in inflation came from a year-on-year acceleration in services prices and, to a lesser extent, a little less marked drop in those of manufactured product. Contrariwise, energy prices slowed down. Food and tobacco prices rose, year on year, at the same pace as in March.

Year on year, core inflation rose by +0.7%, after +0.5% in March, returning at the level observed from November 2018 to February 2019. The Harmonised Index of Consumer Prices (HICP) slowed down, over a month, to +0.4% in April, after +0.9% in March; year on year, it grew by 1.5%, after +1.3% in the previous month.

In April 2019, services prices were more dynamic than in March: +1.0% year on year after +0.6% in the previous month. Transport prices rebounded to +0.5% year on year after −0.9% in the previous month, in particular airfares (+3.3% after −3.3%). The prices for "other services" gathered pace anew (+1.8% year on year after +1.4%) and those of communication services fell less than in March (−3.0% after −3.3%). Moreover, health services prices slightly rose in April (+0.1% year on year after −0.2%). Finally, the housing-related services prices dropped less than in March (−0.1% after −0.2%).

Year on year, the fall in manufactured product prices was slightly mitigated in April (−0.5% after −0.6%). This drop, a little less stronger, came from a lesser fell in the prices of clothing and footwear (−0.2% year on year after −0.3%) and health products (−2.5% after −2.7%). The prices of “other manufactured products” barely dropped, as in March (−0.1% year on year). The prices of major household appliances fell more (−2.6% year on year after −1.8%) and those of glassware, tableware and household utensils slowed down (+0.9% after +1.4%). Contrariwise, the prices of durable goods for open-air recreation gathered pace (+1.6% year on year after +1.3%), as those in non-electric appliances and products for personal care (+0.5% after +0.1%).

Energy inflation decreased in April 2019 after two months of increase (+4.8% year on year after +5.1% in March). The petroleum products prices slowed down (+5.7% year on year after +6.0%), due to a less pronounced monthly rise than the previous year. Those of gas also decelerated (+14.0% year on year after +15.2%).

In April 2019, food prices rose by 2.5% year on year, as in March 2019. Those in fresh products were less dynamic than in the previous month (+3.7% year on year after +4.2% in March), due to a slowdown in the prices of fresh fruits (+0.5% after +1.3%), fresh vegetables (+3.3% after +3.6%) and fresh fish (+4.5% after +6.0%). Excluding fresh products, food prices barely accelerated (+2.3% after +2.2%).

Compared with the provisional estimates published on April 30, 2019, the month-on-month and year-on-year changes in the CPI and in the HICP were up by 0.1points.