15 January 2019
2019- n° 5In December 2018, consumer prices were stable over one month and rose by 1.6% year
on year Consumer price index - final results - December 2018
Monthly change: 0.0% in December ; Year-on-year change: +1.6%
In December 2018, the Consumer Prices Index (CPI) was stable over a month, after a 0.2% downturn in November. The sharp drop in energy prices (−2.4% after −0.7%) and the downturn in those of manufactured products (−0.2% after +0.1%) were indeed offset by a rebound in the prices of services (+0.4% after −0.3%) and food (+0.6% after −0.2%).
Seasonally adjusted, consumer prices edged down by 0.2% over a month, after a 0.1% downturn in November.
Year on year, consumer prices slowed down for the second consecutive month: +1.6% in December after +1.9% in November and +2.2% in October. This drop in inflation came from a year-on-year slowdown in energy, services and tobacco prices and a larger drop in manufactured product prices. Contrariwise, food prices accelerated.
Stability in core inflation year on year
Year on year, core inflation was unchanged: +0.7%, as in the previous month. The Harmonised Index of Consumer Prices (HICP) barely recovered over a month (+0.1% after −0.2% in November); year on year, it grew by 1.9%, after +2.2% in the previous month.
tableauConsumer Price Index (CPI), core inflation (ISJ) (1) and Harmonised Index of Consumer Prices (HICP) (2) year-on-year changes
HICP | CPI | ISJ | |
---|---|---|---|
2014-01 | 0.8 | 0.6 | 0.2 |
2014-02 | 1.1 | 0.9 | 0.8 |
2014-03 | 0.8 | 0.6 | 0.5 |
2014-04 | 0.8 | 0.7 | 0.5 |
2014-05 | 0.8 | 0.7 | 0.3 |
2014-06 | 0.6 | 0.5 | 0.1 |
2014-07 | 0.6 | 0.5 | 0.1 |
2014-08 | 0.5 | 0.4 | 0.3 |
2014-09 | 0.4 | 0.3 | 0.1 |
2014-10 | 0.5 | 0.5 | 0.0 |
2014-11 | 0.4 | 0.3 | -0.2 |
2014-12 | 0.1 | 0.1 | -0.1 |
2015-01 | -0.4 | -0.4 | 0.2 |
2015-02 | -0.3 | -0.3 | 0.2 |
2015-03 | 0.0 | -0.1 | 0.2 |
2015-04 | 0.1 | 0.1 | 0.4 |
2015-05 | 0.3 | 0.3 | 0.5 |
2015-06 | 0.3 | 0.3 | 0.6 |
2015-07 | 0.2 | 0.2 | 0.6 |
2015-08 | 0.1 | 0.0 | 0.5 |
2015-09 | 0.1 | 0.0 | 0.6 |
2015-10 | 0.2 | 0.1 | 0.8 |
2015-11 | 0.1 | 0.0 | 0.9 |
2015-12 | 0.3 | 0.2 | 1.0 |
2016-01 | 0.3 | 0.2 | 0.9 |
2016-02 | -0.1 | -0.2 | 0.7 |
2016-03 | -0.1 | -0.1 | 0.6 |
2016-04 | -0.1 | -0.2 | 0.6 |
2016-05 | 0.1 | 0.0 | 0.6 |
2016-06 | 0.3 | 0.2 | 0.7 |
2016-07 | 0.4 | 0.2 | 0.5 |
2016-08 | 0.4 | 0.2 | 0.4 |
2016-09 | 0.5 | 0.4 | 0.6 |
2016-10 | 0.5 | 0.4 | 0.4 |
2016-11 | 0.7 | 0.5 | 0.5 |
2016-12 | 0.8 | 0.6 | 0.3 |
2017-01 | 1.6 | 1.3 | 0.7 |
2017-02 | 1.4 | 1.2 | 0.2 |
2017-03 | 1.4 | 1.1 | 0.4 |
2017-04 | 1.4 | 1.2 | 0.5 |
2017-05 | 0.9 | 0.8 | 0.4 |
2017-06 | 0.8 | 0.7 | 0.4 |
2017-07 | 0.8 | 0.7 | 0.5 |
2017-08 | 1.0 | 0.9 | 0.5 |
2017-09 | 1.1 | 1.0 | 0.5 |
2017-10 | 1.2 | 1.1 | 0.5 |
2017-11 | 1.2 | 1.2 | 0.5 |
2017-12 | 1.2 | 1.2 | 0.6 |
2018-01 | 1.5 | 1.3 | 0.9 |
2018-02 | 1.3 | 1.2 | 0.8 |
2018-03 | 1.7 | 1.6 | 0.9 |
2018-04 | 1.8 | 1.6 | 0.8 |
2018-05 | 2.3 | 2.0 | 1.0 |
2018-06 | 2.3 | 2.0 | 0.8 |
2018-07 | 2.6 | 2.3 | 0.9 |
2018-08 | 2.6 | 2.3 | 0.9 |
2018-09 | 2.5 | 2.2 | 0.7 |
2018-10 | 2.5 | 2.2 | 0.8 |
2018-11 | 2.2 | 1.9 | 0.7 |
2018-12 | 1.9 | 1.6 | 0.7 |
graphiqueConsumer Price Index (CPI), core inflation (ISJ) (1) and Harmonised Index of Consumer Prices (HICP) (2) year-on-year changes
Slowdown in energy prices year on year
Energy inflation fell in December 2018 for the second consecutive month (+8.0% year on year after +11.2% in November). This drop was due to a pronounced slowdown in petroleum products prices (+9.5% year on year after +14.7%): over a month, they fell by 3.9%, in the wake of petroleum prices. Gas prices slowed down after seven consecutive months of acceleration (+22.5% year on year after +26.2%).
tableauFigure2 – Detailed figures for various groups
Items | Weight | Index | Percentage change | |
---|---|---|---|---|
2018 | Dec. 2018 | m-on-m change (2) | y-on-y change (3) | |
a) All households | ||||
Overall | 10000 | 103.47 | 0.0 | 1.6 |
Overall SA(1) | 10000 | 103.35 | -0.2 | 1.6 |
Food | 1627 | 104.7 | 0.6 | 2.5 |
Fresh food | 243 | 115.85 | 2.7 | 7.8 |
Other food | 1384 | 102.9 | 0.2 | 1.6 |
Tobacco | 193 | 119.76 | 0.0 | 12.8 |
Manufactured products | 2594 | 99.21 | -0.2 | -0.5 |
Clothing and footwear | 416 | 104.84 | 0.6 | -0.3 |
Medical products | 425 | 91.45 | -1.1 | -3,0 |
Other manufactured products | 1753 | 99.86 | -0.1 | 0,0 |
Energy | 777 | 113.77 | -2.4 | 8,00 |
Petroleum products | 408 | 118.12 | -3.9 | 9.5 |
Services | 4809 | 103.17 | 0.4 | 0.9 |
Actual rentals and services for dwellings | 764 | 101.02 | 0.1 | -0.3 |
Health services | 617 | 102.04 | -0.3 | -0.4 |
Transport | 282 | 102.52 | 5.4 | 0.5 |
Communication | 223 | 94.86 | 0.1 | -3.5 |
Other services | 2923 | 104.72 | 0.1 | 1.9 |
Total except rents and tobacco | 9192 | 103.38 | 0.0 | 1.5 |
Total except tobacco | 9807 | 103.16 | 0.0 | 1.4 |
b) Urban working-class households or households of employees | ||||
All products excluding tobacco | 9706 | 102.90 | 0.0 | 1.2 |
c) Households that belong to the lowest equivalized disposable income quintile - France | ||||
All products excluding tobacco | 9700 | 102.87 | 0.1 | 1.3 |
- (1) seasonally adjusted
- (2) : [m/(m-1)]
- (3) : [m/(m-12)]
- Champ : France hors Mayotte
- Source : Insee - indices des prix à la consommation
Slowdown in services prices year on year
Year on year, services prices rose by 0.9% in December 2018, after +1.0% in the previous month. Health services prices fell back by 0.4% year on year, after +0.3% in November, partly due to a temporary drop in the prices of medical analysis laboratories. Accommodation services prices slowed down again (+2.5% after +4.0%). Transport prices accelerated (+0.5% year on year after +0.3%), due to a rebound in airfares (+0.9% after −0.3%).
Sharper drop in manufactured product prices year on year
Year on year, the fall in manufactured product prices was accentuated in December (−0.5% after −0.3%). This sharper drop came from that of the prices in clothing and footwear (−0.3% year on year after −0.1%) and in health products (−3.0% after −2.2%). The prices of “other manufactured products” were stable year on year after a 0.2% increase in November. Furniture prices (−0.5% after +0.6%) and household textiles (−0.6% after 0.0%) dropped. Contrariwise, the drop in household appliances prices was less pronounced than in the previous month (−0.9% after −1.9%).
Acceleration in food prices year on year
In December 2018, food prices gathered pace after two consecutive months of slowdown: +2.5% year on year after +1.9% in the previous month. Those in fresh products were sharply more dynamic (+7.8% year on year after +5.0%); fresh vegetables prices strongly accelerated (+11.4% after +5.3%) and those of fresh fruits (+4.2% year on year after +3.5%) and fresh fish (+4.4% after +2.5%) gathered pace, but more moderatly. Excluding fresh products, food prices also rose more than in the previous month (+1.6% after +1.4%), due to higher prices in alcoholic beverages (+2.0% after +1.6%), milk, cheese and eggs (+2.1% after +1.8%) and oils and fats (+5.8% after +5.4%).
tableauFigure3 – Detailed figures for Core inflation and HICP
Items | Weight | Index | Percentage change | |
---|---|---|---|---|
2018 | Dec. 2018 | m-on-m change (1) | y-on-y change (2) | |
Core inflation - All items | 6041 | 101.92 | 0.0 | 0.7 |
Food excluding fresh products. meat. milk and exotic products | 740 | 102.1 | 0.2 | 1.3 |
Manufactured products | 2125 | 99.63 | -0.2 | -0.1 |
Services including actual rentals and services for dwellings | 3176 | 103.45 | 0.0 | 1.0 |
HICP - All items | 104.1 | 0.1 | 1.9 |
- (1) : [m/(m-1)]
- (2) : [m/(m-12)]
- Source: INSEE - Consumer Price Indices
Revisions
Compared with the provisional estimates published on January 4, 2019, the month-on-month and year-on-year changes in the CPI and in the HICP are confirmed.
Documentation
Methodology (pdf,141 Ko)