Informations Rapides · 18 February 2025 · n° 38

In January 2025, consumer prices rose by 0,2% over one month and by 1.7% year on year Consumer price index - final results - January 2025

In January 2025, the Consumer Price Index (CPI) increased by 0,2% over one month, as in December. This rise in prices was due to higher prices in services (+0,3% after +0,5%), particularly health services (+2.4% after +0.4%) and social protection (+2.8% after a stability), as well as energy (+1.6% after +0.7%), notably petroleum products (+2.8% after +1.0%) and gas (+2.5% after +1.5%). Prices of food bounced back (+0,3% after ‑0,1%). Prices of tobacco increased over one month (+3,8% after a stability in December). Conversely, prices of manufactured products decreased over a month (‑1.1% after ‑0.5%) as a result of the winter sales.

Seasonally adjusted, consumer prices increased by 0.5% in January 2025 after +0.2% in December.

Year on year, consumer prices went up by 1.7% in January 2025, after +1.3% in December. This rise in inflation is explained by the year-on-year acceleration in services prices (+2.5% after +2.2%) and energy prices (+2.7% after +1.2%) and by the rebound in manufactured goods prices (+0.2% after ‑0.4%). Over one year, prices of food were virtually stable (+0.1% after and stability) and those of tobacco increased at a lower rate than in December (+6.0% after +8.7%).

Year on year, core inflation slightly rose, reaching +1.4% in January 2025, after +1.3% in December.

The Harmonised Index of Consumer Prices (HICP) fell by 0.2% over one month, after +0.2% in December. Year on year, it rose by +1.8%, as in December.

Year on year, prices of services rose by 2.5%, after +2.2% in December.

Over one year, prices for healthcare services rebounded (+1.9% after ‑1.1%), driven by medical services (+8.9% after +1.5%), particularly general practitioners (+16.1% after +1.7%) and medical specialists (+3.2% after +1.3%). Prices of dental services fell less rapidly than in December (‑0.1% after ‑1.7%).

Year on year, prices of “other services” increased at the same rate than in December (+3.5%) but trends vary: the prices accelerated for social protection (child care services, retirement homes for elderly persons and residences for disabled persons, services to maintain people in their private homes: +4.6% after +2.9%), cultural and recreational services (+1.4% after +1.2%) and home maintenance and repair services (+2.7% after +2.4%), while they slowed down in insurance services (+9.0% after +9.5%), maintenance and repair services for private vehicles (+3.2% after +4.7%), various services related to private vehicles (+2.2% after +2.7%), catering (+2.1% after +2.4%) and accommodation services (+5.5% after +6.0%).

Over one year, prices of transports slowed down (+1.5% after +5.3%), driven by the downturn in airfare prices (‑2.5% after +6.2%) and the slowdown of those of rail transports (+3.2% after +4.8%). Conversely, prices of transports by road accelerated (+6.0% after +4.9%).

Year on year, prices of rents, water and household refuse collection rose too, at a lower rate than in December (+2.7% after +2.8%) due to the slowdown of the prices water supply and miscellaneous services relating to the dwelling (+4.4% after +5.2%).

Over one year, prices of communication services fell at a lower rate than in December (‑12.8% after ‑14.7%).

Year on year, the prices of manufactured products rose by 0.2% in January, after ‑0.4% in December.

The prices of clothing and footwear were back on the rise over one year (+1.7% after ‑0.4%).

Year on year, prices of “other manufactured products” bounced back: +0.3% after ‑0.2% in December. Prices of vehicles accelerated (+2.4% after +1.2%), pushed by those of cars, and also those of sports equipments (+1.0% after a stability). Prices of games, toys and hobbies bounced also back (+0.2% after ‑2.1%) while those prices of newspapers and periodicals increased less sharply (+2.0% after +2.4%). As for those of furniture and furnishings, they were stable (after ‑0.2%). Contrariwise the prices of major household appliances fell over one year, although at a slower pace than in December (‑2.0% after ‑2.5%), like those of non-durable household goods (‑1.7% after ‑1.9%) and those of mobile phones (‑4.8% after ‑6.7%). Finally, prices of health products fell more sharply over one year (‑1.8% after ‑1.5%), driven by the stability of those of medical optics (after +1.2%).

Year on year, prices of energy rose by 2.7% in January 2025, after +1.2% in December.

This year-on-year acceleration was due to to the smaller fall in petroleum product prices (‑1.3% after ‑4.8%), like those of diesel (‑2.0% after ‑6.3%) and of petrol (‑0.3% after ‑2.9%).

Over one year, prices of electricity slowed down (+9.3% after +9.8%), and those of gas as well (+3.7% after +5.3%).

Year on year, food prices were virtually stable in January 2025 (+0.1% after a stability in December).

Prices of fresh products bounced back over one year (+0.4% after ‑0.1%) due to the acceleration of those of fresh fruits (+2.0% after +1.4%) and of fresh fish (+6.4% after +4.9%). Prices of fresh vegetables fell less sharply than in December (‑2.5% after ‑3.5%).

Prices of food excluding fresh products were virtually stable over one year (+0.1% after a stability) as those of bread and cereals (+0.1% after remaining stable). Year on year, prices of meat decreased at a lower rate than in December (‑0.6% after ‑0.7%). Prices of non-alcoholic beverages increased more sharply than in December (+1.7% after +1.6%) like those of sugar, jam, honey, chocolate and confectionery (+3.4% after +2.8%) while those of alcoholic beverages slowed down (+0.1% after +0.3%). Milk, cheese and egg prices fell faster year on year than last month (‑0.8% after ‑0.7%).

Compared to the provisional estimates published on 31 January 2025, both month-on-month and year-on-year changes in CPI are revised by +0.3 points due to the inclusion of average prices observed in January for doctors, which were more dynamic than in the provisional estimate, and the inclusion of changes in nursery fees in January. Those in HICP are confirmed.