Household consumption rebounded by 1.5% over one month in May, indicates INSEE.
The consumer price index increased by 2.1% over one year in France in June, down slightly after 2.3% in May, INSEE said in a press release on Friday.
Inflation is thus resuming its slow decline after a slight increase in May, when it had increased by 0.1 points compared to April (2.2% over one year). In June 2023, it still reached 4.5%.
This decline in inflation is explained by both a “slowing down” in the rise in energy and food prices, and an evolution at the same pace as in May in the prices of tobacco and manufactured products. and services, details the National Institute of Statistics and Economic Studies in this first estimate which must be confirmed in mid-July.
The cost of food products rose by 0.8% over the year in June, compared to 1.3% in May; that of energy increased by 4.8%, while it was still increasing by 5.7% a month earlier.
+0.8% for food products
The price of services – a component which weighs more than half of the consumer price index – appreciated by 2.8% year-on-year in June, a figure identical to that of May.
The price of tobacco increased by 8.7% as in May while that of manufactured products remained flat (0%).
Over one month, inflation is “almost stable” since it stands at 0.1% between May and June after being zero between April and May, specifies INSEE.
A benchmark indicator at European level, the harmonized consumer price index (HICP) increased by 2.5% year-on-year in June, after an increase of 2.6% in May.
Furthermore, INSEE indicates that household consumption rebounded by 1.5% over one month in May, driven by the increase in food consumption (+2.4%) and energy consumption (+3. 9%), indicates INSEE on Friday.
This increase in household consumption in May follows a drop of 0.9% in the previous month. Over one year, household consumption increased by 0.9%.
