Informations Rapides ·
16 February 2024 · n° 37
In January 2024, consumer prices decreased by 0.2% over one month and increased by
3.1% year on year Consumer price index - final results - January 2024
- Monthly change: ‑0.2% in January; year-on-year change: +3.1%
- Core inflation declined year on year
- Energy prices slowed down strongly year on year
- The year-on-year slowdown in food prices went on
- Year on year, manufactured product prices slowed down again
- Service prices accelerated slightly year on year
- Revisions
- For further information
Monthly change: ‑0.2% in January; year-on-year change: +3.1%
In January 2024, the Consumer Price Index (CPI) fell back slightly over one month: ‑0.2%, after +0.1% in December. This decrease is entirely driven by the drop in prices in manufactured products (‑1.7% after ‑0.3%), mainly those of clothing and footwear (‑9.2% after ‑0.3%). Conversely, the prices increased for tobacco (+6.5% after 0.0%), food (+0.2% after 0.0%), energy (+0.1% after ‑1.2%) and services (+0.1% after +0.6%).
Seasonally adjusted, consumer prices were stable over a month in January 2024, after +0.3% in December.
Year on year, consumer prices went up by 3.1% in January 2024, after +3.7% in December. This decrease of inflation resulted from the year-on-year slowdown in the prices of energy (+1.9% after +5.7%), food (+5.7% after +7.2%) and manufactured products (+0.7% after +1.4%). Conversely, those of services accelerated slightly (+3.2% after +3.1%).
Core inflation declined year on year
Year on year, core inflation decreased again, reaching +3.0% in January 2024, after +3.4% in December.
The Harmonised Index of Consumer Prices (HICP) also fell back over one month (‑0.2% after +0.1% in December); year on year, it increased by 3.4% in January 2024, after +4.1% in the previous month.
tableauConsumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes
| HICP | CPI | ISJ | |
|---|---|---|---|
| 2024-01 | 3.4 | 3.1 | 3.0 |
| 2023-12 | 4.1 | 3.7 | 3.4 |
| 2023-11 | 3.9 | 3.5 | 3.4 |
| 2023-10 | 4.5 | 4.0 | 4.2 |
| 2023-09 | 5.7 | 4.9 | 4.6 |
| 2023-08 | 5.7 | 4.9 | 5.0 |
| 2023-07 | 5.1 | 4.3 | 5.5 |
| 2023-06 | 5.3 | 4.5 | 5.7 |
| 2023-05 | 6.0 | 5.1 | 5.7 |
| 2023-04 | 6.9 | 5.9 | 6.2 |
| 2023-03 | 6.7 | 5.7 | 6.0 |
| 2023-02 | 7.3 | 6.3 | 5.8 |
| 2023-01 | 7.0 | 6.0 | 5.5 |
| 2022-12 | 6.7 | 5.8 | 5.3 |
| 2022-11 | 7.1 | 6.1 | 5.3 |
| 2022-10 | 7.1 | 6.2 | 5.0 |
| 2022-09 | 6.2 | 5.6 | 4.6 |
| 2022-08 | 6.6 | 5.9 | 4.8 |
| 2022-07 | 6.8 | 6.1 | 4.3 |
| 2022-06 | 6.5 | 5.8 | 3.7 |
| 2022-05 | 5.8 | 5.2 | 3.6 |
| 2022-04 | 5.4 | 4.8 | 3.2 |
| 2022-03 | 5.1 | 4.5 | 2.5 |
| 2022-02 | 4.2 | 3.6 | 2.4 |
| 2022-01 | 3.3 | 2.9 | 1.6 |
| 2021-12 | 3.4 | 2.8 | 2.0 |
| 2021-11 | 3.4 | 2.8 | 1.8 |
| 2021-10 | 3.2 | 2.6 | 1.5 |
| 2021-09 | 2.7 | 2.2 | 1.4 |
| 2021-08 | 2.4 | 1.9 | 1.0 |
| 2021-07 | 1.5 | 1.2 | 0.0 |
| 2021-06 | 1.9 | 1.5 | 1.1 |
| 2021-05 | 1.8 | 1.4 | 0.9 |
| 2021-04 | 1.6 | 1.2 | 1.0 |
| 2021-03 | 1.4 | 1.1 | 1.0 |
| 2021-02 | 0.8 | 0.6 | 0.5 |
| 2021-01 | 0.8 | 0.5 | 1.1 |
| 2020-12 | 0.0 | 0.0 | 0.2 |
| 2020-11 | 0.2 | 0.2 | 0.4 |
| 2020-10 | 0.1 | 0.1 | 0.3 |
| 2020-09 | 0.0 | 0.0 | 0.5 |
| 2020-08 | 0.2 | 0.2 | 0.4 |
| 2020-07 | 0.9 | 0.8 | 1.3 |
| 2020-06 | 0.2 | 0.2 | 0.3 |
| 2020-05 | 0.4 | 0.4 | 0.5 |
| 2020-04 | 0.4 | 0.3 | 0.2 |
| 2020-03 | 0.8 | 0.7 | 0.7 |
| 2020-02 | 1.6 | 1.4 | 1.4 |
| 2020-01 | 1.7 | 1.5 | 1.0 |
| 2019-12 | 1.6 | 1.5 | 1.1 |
| 2019-11 | 1.2 | 1.0 | 0.9 |
| 2019-10 | 0.9 | 0.8 | 1.0 |
| 2019-09 | 1.1 | 0.9 | 0.9 |
| 2019-08 | 1.3 | 1.0 | 0.7 |
| 2019-07 | 1.3 | 1.1 | 0.9 |
| 2019-06 | 1.4 | 1.2 | 0.9 |
| 2019-05 | 1.1 | 0.9 | 0.5 |
| 2019-04 | 1.5 | 1.3 | 0.7 |
| 2019-03 | 1.3 | 1.1 | 0.5 |
| 2019-02 | 1.6 | 1.3 | 0.7 |
| 2019-01 | 1.4 | 1.2 | 0.6 |
| 2018-12 | 1.9 | 1.6 | 0.7 |
| 2018-11 | 2.2 | 1.9 | 0.7 |
| 2018-10 | 2.5 | 2.2 | 0.8 |
| 2018-09 | 2.5 | 2.2 | 0.7 |
| 2018-08 | 2.6 | 2.3 | 0.9 |
| 2018-07 | 2.6 | 2.3 | 0.8 |
| 2018-06 | 2.3 | 2.0 | 0.8 |
| 2018-05 | 2.3 | 2.0 | 1.0 |
| 2018-04 | 1.8 | 1.6 | 0.8 |
| 2018-03 | 1.7 | 1.6 | 0.9 |
| 2018-02 | 1.3 | 1.2 | 0.7 |
| 2018-01 | 1.5 | 1.3 | 0.8 |
| 2017-12 | 1.2 | 1.2 | 0.6 |
| 2017-11 | 1.2 | 1.2 | 0.5 |
| 2017-10 | 1.2 | 1.1 | 0.5 |
| 2017-09 | 1.1 | 1.0 | 0.5 |
| 2017-08 | 1.0 | 0.9 | 0.5 |
| 2017-07 | 0.8 | 0.7 | 0.5 |
| 2017-06 | 0.8 | 0.7 | 0.4 |
| 2017-05 | 0.9 | 0.8 | 0.3 |
| 2017-04 | 1.4 | 1.2 | 0.5 |
| 2017-03 | 1.4 | 1.2 | 0.4 |
| 2017-02 | 1.4 | 1.2 | 0.2 |
| 2017-01 | 1.6 | 1.3 | 0.6 |
| 2016-12 | 0.8 | 0.6 | 0.4 |
| 2016-11 | 0.7 | 0.5 | 0.6 |
| 2016-10 | 0.5 | 0.4 | 0.5 |
| 2016-09 | 0.5 | 0.4 | 0.7 |
| 2016-08 | 0.4 | 0.2 | 0.4 |
| 2016-07 | 0.4 | 0.2 | 0.5 |
| 2016-06 | 0.3 | 0.2 | 0.7 |
| 2016-05 | 0.1 | 0.0 | 0.6 |
| 2016-04 | -0.1 | -0.2 | 0.6 |
| 2016-03 | -0.1 | -0.1 | 0.7 |
| 2016-02 | -0.1 | -0.2 | 0.7 |
| 2016-01 | 0.3 | 0.2 | 0.9 |
| 2015-12 | 0.3 | 0.2 | 1.0 |
| 2015-11 | 0.1 | 0.0 | 0.9 |
| 2015-10 | 0.2 | 0.1 | 0.8 |
| 2015-09 | 0.1 | 0.0 | 0.6 |
| 2015-08 | 0.1 | 0.0 | 0.5 |
| 2015-07 | 0.2 | 0.2 | 0.6 |
| 2015-06 | 0.3 | 0.3 | 0.5 |
| 2015-05 | 0.3 | 0.3 | 0.5 |
| 2015-04 | 0.1 | 0.1 | 0.4 |
| 2015-03 | 0.0 | -0.1 | 0.2 |
| 2015-02 | -0.3 | -0.3 | 0.2 |
| 2015-01 | -0.4 | -0.4 | 0.1 |
| 2014-12 | 0.1 | 0.1 | -0.1 |
| 2014-11 | 0.4 | 0.3 | -0.1 |
| 2014-10 | 0.5 | 0.4 | 0.0 |
| 2014-09 | 0.4 | 0.3 | 0.0 |
| 2014-08 | 0.5 | 0.4 | 0.3 |
| 2014-07 | 0.6 | 0.5 | 0.1 |
| 2014-06 | 0.6 | 0.5 | 0.1 |
| 2014-05 | 0.8 | 0.7 | 0.3 |
| 2014-04 | 0.8 | 0.7 | 0.5 |
| 2014-03 | 0.8 | 0.6 | 0.4 |
| 2014-02 | 1.1 | 0.9 | 0.8 |
| 2014-01 | 0.8 | 0.7 | 0.2 |
graphiqueConsumer Price Index (CPI), core inflation (ISJ) and Harmonised Index of Consumer Prices (HICP) year-on-year changes
- Source: INSEE
Energy prices slowed down strongly year on year
Year on year, the prices of energy rose by 1.9% in January 2024 after +5.7% in December. The prices of petroleum products fell back markedly (‑6.7% after +0.5%) mainly due to base effects (the prices had increased significantly month-on-month in January 2023). Year on year, the prices fell back sharply for petrol (‑3.6% after +6.8%), and they decreased at a more marked pace for diesel (‑8.7% after ‑1.1%) and liquid fuel (‑9.9% after ‑8.8%). The prices of gas also fell back (‑2.6% after +0.9%), while those of electricity accelerated again (+23.2% after +18.9%). Finally, the decrease in the prices of solid fuel softened slightly (‑11.4% after ‑12.4%).
The year-on-year slowdown in food prices went on
Year on year, food prices rose by 5.7% in January 2024, after +7.2% in December. They thus slowed down for the tenth month in a row. Excluding fresh products, the year-on-year rise in food prices softened (+5.3% after +6.9%) notably for bread and cereals (+5.5% after +7.5%), meat (+3.1% after +4.6%), milk, cheese and eggs (+6.3% after +8.4%), oils and fats (+3.7% after +4.1%), sugar, jam, honey, chocolate and confectionery (+8.1% after +10.5%), alcoholic (+4.9% after +5.5%) and non-alcoholic beverages (+6.8% after +7.9%). The prices of fresh products also slowed down (+7.9% after +8.8%): those of fresh fruits decelerated (+4.5% after +7.6%) and those of fresh fish decreased more than in the previous month (‑0.9% after ‑0.6%); on the contrary, prices of fresh vegetables accelerated slightly year on year (+14.2% after +13.5%).
tableauDetailed figures for various groups
| Items | Weight | Index | Percentage change | |
|---|---|---|---|---|
| 2024 | January 2024 | m-on-m change (2) | y-on-y change (3) | |
| a) All households | ||||
| Overall | 10,000 | 118.19 | -0.2 | 3.1 |
| Overall SA(1) | 10,000 | 118.95 | 0.0 | 3.2 |
| Food | 1,507 | 131.81 | 0.2 | 5.7 |
| Fresh food | 185 | 157.88 | 2.2 | 7.9 |
| Other food | 1,322 | 127.86 | -0.1 | 5.3 |
| Tobacco | 177 | 182.22 | 6.5 | 16.8 |
| Manufactured products | 2,324 | 103.40 | -1.7 | 0.7 |
| Clothing and footwear | 347 | 98.31 | -9.2 | 0.4 |
| Medical products | 398 | 85.22 | -0.1 | -0.9 |
| Other manufactured products | 1,579 | 109.21 | -0.4 | 1.1 |
| Energy | 832 | 156.88 | 0.1 | 1.9 |
| of which petroleum products | 430 | 146.88 | -0.9 | -6.7 |
| Services | 5,160 | 113.90 | 0.1 | 3.2 |
| Rents, water and household refuse collection | 796 | 109.30 | 0.3 | 3.0 |
| Health services | 617 | 102.54 | -0.6 | 1.1 |
| Transport | 293 | 116.13 | -4.8 | 3.8 |
| Communication | 204 | 94.30 | -1.9 | -5.0 |
| Other services | 3,250 | 119.41 | 0.8 | 4.1 |
| Total except rents and tobacco | 9,181 | 118.00 | -0.3 | 2.9 |
| Total except tobacco | 9,823 | 117.16 | -0.3 | 2.9 |
| b) Urban working-class households or households of employees | ||||
| All products excluding tobacco | 9,731 | 116.43 | -0.3 | 2.8 |
| c) Households in the first quintile of the living standards distribution | ||||
| All products excluding tobacco | 9,712 | 117.19 | -0.4 | 3.0 |
- (1) seasonally adjusted
- (2) : [m/(m-1)]
- (3) : [m/(m-12)]
- Geographical coverage: France
- Source : INSEE – Consumer Price Indices
Year on year, manufactured product prices slowed down again
Year on year, the prices of manufactured products increased by 0.7% in January 2024, after +1.4% in December. The prices of “other manufactured products” slowed down (+1.1% after +2.0%), notably those of non-durable household goods (+2.9% after +5.1%), glassware, tableware and household utensils (+3.1% after +5.2%) and furniture and furnishings (+0.5% after +2.3%); those of vehicles fell back (‑0.6% after +0.3%), while the decline in prices accentuated for major household appliances (‑2.0% after ‑1.2%) and games, toys and hobbies (‑3.0% after ‑2.5%). The prices of clothing and footwear slowed down again (+0.4% after +1.1%). Those of health products decreased year on year at the same rate as the previous month (‑0.9%).
Service prices accelerated slightly year on year
Year on year, service prices increased by 3.2% in January 2024, after +3.1% in December. The prices of transport accelerated (+3.8% after +2.1%), notably those of transport by train (+4.0% after +1.0%) and airfares (+8.7% after 0.0%), while those of transport by road slowed down (+1.1% after +4.2%). The prices of rents, water and household refuse collection accelerated again (+3.0% after +2.8%), as did those of health services (+1.1% after +0.6%), while the decrease in prices of communication services strengthened (‑5.0% after ‑3.1%). The prices of “other services” slowed down a little (+4.1% after +4.2%), like those of catering (+4.5% after +4.7%), social protection (+3.6% after +4.3%) and maintenance and repair of the dwelling (+3.2% after +4.3%), while, conversely, the prices accelerated in insurance services (+7.4% after +3.9%) and accommodation services (+2.1% after +1.6%).
tableauDetailed figures for Core inflation and HICP
| Items | Weight | Index | Percentage change | |
|---|---|---|---|---|
| 2024 | January 2024 | m-on-m change (1) | y-on-y change (2) | |
| Core inflation - All items | 6273 | 114.08 | -0.6 | 3.0 |
| Food excluding fresh products, meat, milk and exotic products | 779 | 123.74 | -0.1 | 5.7 |
| Manufactured products | 1879 | 106.69 | -2.2 | 0.9 |
| Services including actual rentals and services for dwellings | 3615 | 116.45 | 0.1 | 3.5 |
| HICP - All items | 10000 | 121.20 | -0.2 | 3.4 |
- (1) : [m/(m-1)]
- (2) : [m/(m-12)]
- Source: INSEE - Consumer Price Indices
Revisions
Compared to the provisional estimates published on 31 January 2024, the month-on-month and year-on-year changes in CPI and HICP are confirmed.
For further information
Next publication of final results: 15 March 2024 at 8:45 am.
Documentation
CPI: methodological changes for 2024 (pdf,111 Ko)
Abbreviated Methodology (pdf,131 Ko)
Pour en savoir plus
Next publication of final results: 15 March 2024 at 8:45 am.