Informations Rapides · 12 April 2024 · n° 91

In March 2024, consumer prices increased by 0.2% over one month and by 2.3% year on year Consumer price index - final results - March 2024

In March 2024, the Consumer Price Index (CPI) bounced back over one month: +0.2%, after +0.9% in February. The rise in prices is explained by the seasonal increase of the prices of manufactured products (+1.3% after +0.5%) and a slight increase of those of tobacco (+0.4% after +1.6%). Over one month the prices of food and services were stable (after respectively ‑0.3% and +0.8%). Conversely, the prices of energy decreased (‑0.7% after +4.1%).

Seasonally adjusted, consumer prices fell back by 0.4% in March 2024, after +0.5% in February.

Year on year, consumer prices went up by 2.3% in March 2024, after +3.0% in February. This decrease of inflation resulted from the year-on-year slowdown in the prices of food (+1.7% after +3.6%), services (+3.0% after +3.2%), energy (+3.4% after +4.3%) and manufactured products (+0.1% after +0.4%). The prices of tobacco slowed down sharply (+10.7% after +18.7%) as a result of the year-on-year increase following the sharp rise in March 2023.

Year on year, core inflation decreased again, reaching +2.2% in March 2024, after +2.6% in February.

The Harmonised Index of Consumer Prices (HICP) slowed down over one month (+0.2% after +0.9% in February); year on year, it increased by 2.4% in March 2024, after +3.2% in the previous month.

Year on year, food prices rose by 1.7% in March 2024, after +3.6% in February. They thus slowed down for the twelfth month in a row.

Excluding fresh products, the year-on-year rise in food prices softened (+2.7% after +4.1%) notably for bread and cereals (+2.5% after +4.2%), meat (+1.5% after +2.3%), milk, cheese and eggs (+2.7% after +4.8%), sugar, jam, honey, chocolate and confectionery (+3.9% after +5.8%), alcoholic (+3.0% after +4.1%) and non-alcoholic beverages (+4.1% after +5.7%). The prices of oils and fats increased at the same rate as in the previous month (+3.0%).

The prices of fresh products fell back (‑3.9% after +0.4%), driven by the strong decrease of those of fresh vegetables (‑11.8% after ‑3.8%). This explains by a marked decrease in prices over a month and also by a base effects: they had strongly increased between February and March 2023. The prices of fresh fruits slowed down year on year in March 2024 (+0.4% after +1.7%) and those of fresh fish fell back (‑0.8% after +2.9%).

Year on year, service prices increased by 3.0% in March 2024, after +3.2% in February.

This slight slowdown is linked to the slowdown of prices of rents, water and household refuse collection (+2.7% after +2.9%), health services (+1.5% after +1.6%) and “other services” (+3.9% after +4.0%), notably those of catering (+3.8% after +4.1%), insurance services (+5.5% after +8.0%), maintenance and repair of private vehicles (+5.8% after +6.2%) and accommodation services (+1.3% after +2.2%). The prices of social protection increased at the same rate than in February (+4.0%). Contrariwise, the prices of cultural and recreational services (+5.9% after +3.2%) and maintenance and repair of the dwelling (+2.8% after +2.7%) accelerated.

The prices of communications services continued to decrease (‑6.3% after ‑4.1%).

Conversely, the prices of transport slightly accelerated (+3.0% after +2.8%), notably those of airfares (+7.1% after +6.0%) and transport by train (+4.7% after +2.8%), while those of transport by road fell back year on year (‑0.4% after +0.8%).

Year on year, the prices of energy rose by 3.4% in March 2024, after +4.3% in February.

This year-on-year slowdown can be explained by the decrease in the prices of gas (‑11.3% after ‑7.6%) and the slowdown of those of electricity (+20.4% after +23.1%).

In contrast, the prices of petroleum products decreased at a slower rate than in the previous month (‑2.0% after ‑2.3%). The fall is due to a combination of lower fuel prices (‑2.0% after ‑3.1%), lower diesel prices (‑2.3% after ‑2.0%) and lower liquid fuel prices (‑3.2% after ‑2.1%).

Lastly, the prices of solid fuel decreased at a soften rate than in February (‑11.0% after ‑12.1%).

Year on year, the prices of manufactured products increased by 0.1% in March 2024, after +0.4% in February. They thus slowed down for the ninth month in a row.

The prices of clothing and footwear increased slower than in February (+0.4% after +0.9%) and those of health products decreased at the similar pace than the previous month (‑1.4% after ‑1.3%).

The prices of “other manufactured products” slowed down too (+0.4% after +0.7%), notably those of newspapers and periodicals (+3.2% after +3.6%), glassware, tableware and household utensils (+1.4% after +2.4%) and equipment for sport (1.2% after +2.1%), while those of major household appliances (‑2.5% after ‑2.4%) and games, toys and hobbies (‑3.8% after ‑3.7%) decreased year on year at a slightly faster pace than in the previous month. Contrariwise, the prices of non-durable household goods slightly accelerated year on year (+1.6% after +1.5%), those of vehicles decreased at a slower rate (‑0.3% after ‑0.4%) and those of furniture and furnishings slightly increased (+0.1% after ‑0.2%).

Compared to the provisional estimates published on 29 March 2024, the month-on-month and year-on-year changes in CPI are confirmed. The month-on-month change in HICP has been revised downwards by 0.1 point, its year-on-year change is confirmed.