15 June 2017

2017- n° 155

In May 2017, consumer prices were stable over a month and rose by 0.8% year on year Consumer price index - final results - May 2017

In May 2017, the Consumer Prices Index (CPI) was stable after +0.1% in the previous month. Seasonally adjusted, it edged down by 0.2%, after having been stable in April. Year on year, consumer prices slowed (+0.8% after +1.2%).

Over a month, the stability was the result of a rebound in food prices, particularly fresh products, offset by a fall in energy prices and, to a lesser extent, in tobacco prices. Services prices were stable and the prices of manufactured products grew at the same pace as in the previous month.

In May 2017, food prices recovered sharply (+0.7% over a month) after a slight decline in April. Year on year, food prices slowed to +0.4% after +0.7% in April. The monthly increase was largely due to a seasonal rebound in fresh product prices (+3.6% over a month). Year on year, fresh product prices fell (−0.3%), for the first time since December 2014. Excluding fresh products, food prices barely accelerated (+0.2% over a month after +0.1%, +0.5% year on year), due to a rise in meat prices (+0.4% after +0.0%; +0,9% year on year).

Tobacco prices edged down slightly over a month. Year on year, their rise remained sustained at +2.6%.

In May 2017, energy prices continued to fell (−1.5% after −0.3% in April). Year on year, they decelerated sharply but remained dynamic (+5.3% after +9.3% in April). The monthly decline in energy prices was largely due to that of petroleum products (−2.1% after −0.3%) and, to a lesser extent, to the sharper decline in natural gas and town gas prices (−3.1% in May after −0.7%). Electricity prices have been unchanged since August 2016.

The prices of manufactured products rose slightly in May 2017 (+0.1% as in April) but still declined year on year (−0.7%). Over a month, clothing and footwear prices slowed down (+0.5% after +0.9%; −0.5% year on year). The prices of “other manufactured goods” rose a little (+0.1% after 0.0%, −0.3% year on year), due to a rebound in the prices of major household appliances (+0.4%) partly offset by a fall in furniture and furnishing prices (−0.2%). The prices of health products declined less than in the previous month (−0.1% after −0.3%).

In May 2017, services prices were stable after +0.2% in April. Transport services fell back steeply after the spring holidays (−3.7% after +4.2%, +1.7% year on year). In the same way, communication services declined sharply (−1.0% after 0.0%, −3.8% year on year). Conversely, after having been stable in April, health services prices increased by 0.7%, fuelled by the rise in general practitioners' consultation fees. The prices of "other services" recovered in May (+0.4% after −0.1%), driven by a rebound in transport insurance prices and by the seasonal rebound in the prices of accommodation services.

In May 2017, the core inflation indicator (ISJ) was stable after +0.2% in April. Year on year, its rise eased slightly (+0.4% after +0.5% in the previous month). The Harmonised Index of Consumer Prices (HICP) was unchanged after +0.1% in the previous month; year on year, it slowed down sharply (+0.9%, after +1.4%).

Compared with the provisional estimates published on 31 May 2017, the month-on-month change in the CPI was diminished by 0.1 points while the year-on-year variation is unchanged. The monthly and year-on-year changes in the HICP have not been revised.