12 April 2018
2018- n° 96In March 2018, consumer prices rose by 1.0% over one month and by 1.6% year on year Consumer price index - final results - March 2018
In March 2018, the Consumer Prices Index (CPI) increased by 1.0% over one month, after a stability in February. This rise came from a rebound in “manufactured product” prices after the end of winter sales (+2.1% after −0.3%) and in food prices (+0.4% after −0.1%). Furthermore, tobacco prices rose markedly (+13.2%) and those of services accelerated over one month (+0.4% after +0.1% in February). On the other hand, energy prices sharply fell back (−0.7%) in the wake of petroleum product prices.
Monthly change: 1.0% in March; Year-on-year change: +1.6%
In March 2018, the Consumer Prices Index (CPI) increased by 1.0% over one month, after a stability in February. This rise came from a rebound in “manufactured product” prices after the end of winter sales (+2.1% after −0.3%) and in food prices (+0.4% after −0.1%). Furthermore, tobacco prices rose markedly (+13.2%) and those of services accelerated over one month (+0.4% after +0.1% in February). On the other hand, energy prices sharply fell back (−0.7%) in the wake of petroleum product prices.
Seasonally adjusted, consumer prices recovered by +0.5%, after a 0.3% downturn in February.
Year on year, consumer prices sharply accelerated in March 2018: +1.6% after +1.2%. This increase in the year-on-year inflation resulted from a sharper rise in prices of services, food and tobacco. On the other hand, energy prices slightly slowed down and those of “manufactured product” fell back.
Slight rise in core inflation year on year
In March 2018, the core inflation index (ISJ) rebounded to 0.3% after −0.4% in February. Year on year, core inflation barely rose: +0.9% after +0.8% in the previous month. The Harmonised Index of Consumer Prices (HICP) increased by 1.1% after a stability in February; year on year, it grew by 1.7%, after +1.3% in the previous month.
Acceleration in services prices
Year on year, services prices accelerated: +1.4% after +1.1% in February. This stronger rise was due to a sharp acceleration in accommodation services prices (+5.6% year on year after +0.1%) and package holidays prices (+16.2% after +0.6%), owing to the shift of February school holidays. Moreover, transport prices were more dynamic than in February (+1.1% after +0.4%). The decline in communication services prices was less strong in March than in the previous month (−0.5% year on year after −0.9%). Health services prices rose by 2.0%, as in the previous month.
tableauTable1 – Detailed figures for various groups
| Items | Weight | Index | Percentage change | |
|---|---|---|---|---|
| 2018 | March 2018 | m-on-m change(2) | y-on-y change(3) | |
| a) All households | ||||
| Overall | 10000 | 102.75 | 1.0 | 1.6 |
| Overall SA(1) | 10000 | 102.62 | 0.5 | 1.6 |
| Food | 1627 | 102.66 | 0.4 | 1.5 |
| Fresh food | 243 | 109.91 | 1.6 | 2.8 |
| Other food | 1384 | 101.49 | 0.1 | 1.2 |
| Tobacco | 193 | 119.92 | 13.2 | 16.6 |
| Manufactured products | 2594 | 99.35 | 2.1 | −0.3 |
| Clothing and footwear | 416 | 102.81 | 12.8 | −0.5 |
| Medical products | 425 | 93.12 | −0.3 | −2.4 |
| Other manufactured products | 1753 | 100.08 | 0.6 | 0.3 |
| Energy | 777 | 109.50 | −0.7 | 5.0 |
| Petroleum products | 408 | 114.20 | −0.6 | 8.1 |
| Services | 4809 | 102.95 | 0.4 | 1.4 |
| Actual rentals and services for dwellings | 764 | 101.67 | 0.0 | 0.6 |
| Health services | 617 | 102.65 | 0.0 | 2.0 |
| Transport | 282 | 98.66 | −0.2 | 1.1 |
| Communication | 223 | 99.13 | 0.4 | −0.5 |
| Other services | 2923 | 104.09 | 0.7 | 1.8 |
| Total except rents and tobacco | 9192 | 102.53 | 0.8 | 1.3 |
| Total except tobacco | 9807 | 102.42 | 0.8 | 1.3 |
| b) Urban working-class households or households of employees | ||||
| All products excluding tobacco | 9706 | 102.27 | 0.8 | 1.2 |
| c) Households that belong to the lowest equivalized disposable income quintile - France | ||||
| All products excluding tobacco | 9700 | 102.10 | 0.7 | 1.2 |
- (1) seasonally adjusted
- (2) [m/(m-1)]
- (3) [m/(m-12)]
- Geographical coverage: France excluding Mayotte
- Source: INSEE - Consumer Price Indices
Marked acceleration in food and tobacco prices
In March 2018, food prices rose, year on year, at a stronger pace than in February (+1.5% after +0.8%). The prices of fresh products sharply recovered after a ponctual drop in February (+2.8% year on year after −1.3%), in line with a marked rebound in fresh vegetable prices (+4.2% year on year after −5.6%) and in fresh fish prices (+1.0% after −1.2%). Excluding fresh products, food prices were up by 1.2% year on year, as in February.
Tobacco prices accelerated dramatically in March (+16.6% year on year after +4.9%): over one month, they grew by 13.2% after a taxation increase.
Fall in energy inflation
Energy infation slightly dropped in March 2018 (+5.0% year on year after +5.2%), because of a sharp slowdown in gas prices (+0.8% year on year after +6.1%) due to a marked monthly downturn (−2.7%). On the other hand, the prices of petroleum products were more dynamic than in February:+8.1% year on year after +7.1%, the monthly drop in prices being less pronounced this year (−0.6% against −1.6% in March 2017).
Downturn in manufactured products prices
Year on year, “manufactured product” prices dropped by 0.3% in March 2018 after a very slight increase in February (+0.1%). This downturn came from these in clothing and footwear prices (−0.5% year on year after +1.1%), the rebound after the winter sales being less pronounced this year in clothing prices (+13.3% against +15.3% in March 2017) and in footwear prices (+10.4% against +13.2%). The prices of “other manufactured products” increased by 0.3% year on year, as in the three previous months. Those of equipment for sport (−0.6% after +0.9%) edged down after a higher rise in the previous month and the furniture prices slowed down (+0.2% year on year after +0.4%). On the other hand, the drop in information-processing equipment prices (−3.6% after −4.9%) and in phone prices (−4.0% after −5.9%) were less strong, due to the end of winter sales. Moreover, heatlh product prices dropped at the same pace as in February (−2.4% year on year).
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 | March 2018 | m-on-m change(3) | y-on-y change(4) | |
| Core inflation - All items | 6041 | 101.78 | 0.3 | 0.9 |
| Food excluding fresh products, meat, milk and exotic products | 740 | 101.03 | 0.1 | 0.7 |
| Manufactured products | 2125 | 99.74 | 0.0 | 0.1 |
| Services including actual rentals and services for dwellings | 3176 | 103.34 | 0.5 | 1.5 |
| HICP - All items | 103.22 | 1.1 | 1.7 | |
- (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 March 30, 2018, the month-on-month change in the CPI is unchanged and the year-on-year change is up by 0.1points. The month-on-month and year-on-year changes in the HICP are confirmed.
Documentation
Methodology (pdf,141 Ko)
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