This recovery would have been the result of an increase of 0.7%, after a drop of 0.3% in the previous quarter, in the prices of food products, partly attenuated by the decline in the evolution of those of product prices. non-food at +1.4%, compared to +1.6% recorded in the second quarter, indicates the HCP in its economic update for the third quarter of 2024 and prospects for the fourth quarter of 2024.
Core inflation, which excludes prices subject to state intervention and products with volatile prices, would have, for its part, experienced a slight increase, reaching +2.4%, after +2.3 % a quarter earlier, experiencing a slight recovery in its food component, against a backdrop of a gradual easing of the prices of manufactured products and a quasi-stability in the rate of change in the prices of service costs. The resumption of food inflation would largely reflect the remarkable rise in meat prices (1 contribution point), due to the continued strengthening of red meat prices which would have combined with the significant increase poultry prices during the summer period.
This development would be attributable to a supply deteriorated by extreme weather conditions, which would have considerably affected farms, reducing chick production and increasing operating costs. The trend in the prices of food products would also be due, although to a lesser extent, to the increase in the prices of fresh fruit (0.4 points) and those of fresh fish (0.3 points).
However, these effects would have been partially offset by the drop in prices of fresh vegetables (-0.7 points), resulting mainly from the restoration of local supply.
In terms of prices of non-food products, the slight decline in their evolution would have been driven by that of energy prices (4.2%, compared to 5% a previous quarter), despite the increase in gas prices, reflecting the drop in prices of petroleum products of 2.3%, instead of an increase of 6.1% in the second quarter.
Furthermore, the prices of manufactured products would also have decelerated but at a slightly lower rate than the previous quarter (+0.5%, after +0.6%), driven by the decline in the prices of large household appliances.
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