Purchasing power (May 2024) – Insurance and subscriptions support inflation – News

Will the crisis soon be behind us, with a lasting lull on the inflation front? The latter remains below the 3% mark on an annual average for the second consecutive month: prices in May 2024 are 2.9% higher than those in May 2023 (+2.7% in April). However, over 1 month, they are up slightly, 0.2% higher than in April. And they are far from their pre-crisis level: they are 14% higher than those of January 2022, when the labels began their surge.

Calm has returned to the supermarket shelves, with food products and drugstore-hygiene-beauty items showing a small increase in May, of 1% over 1 year and 0.3% over 1 month. Commercial negotiations between distributors and their suppliers at the start of the year ultimately did not cause a massive rebound in prices on supermarket shelves. Note a slight increase for certain categories of products (sweet groceries, dairy products and cold meats, drugstore-hygiene-beauty), but of a very modest scale compared to the outbreaks of the previous two years.

Be careful, however, of the hidden inflation that we have spotted on several food and hygiene products among the blockbusters of supermarkets: for example Chocapic for children, Friskies for kittens. For these products, the increase in price per kilo is masked by changes in packaging. Refer to the price per kilo (or per litre) – if you remember it from one race to the next!

However, consumers are not done with soaring bills. It is now services and electricity that are driving inflation. Following the increase in electricity taxes in February, this item has become the most inflationary, higher than last year by 20%.

But insurance and digital subscriptions are not left out. Health and multi-risk home insurance contributions increase respectively by 9% (or even more depending on age) and 8% (due to more frequent weather disasters and higher repair costs). Packages (mobiles, Internet boxes) garner 4% more. It may be time to compete and change complementary health insurance, home insurance, Internet box or mobile plan. Our online comparators can help you.

Methodology

What to choose evaluates the inflation rate month by month, based on its own observations. For nearly 40% of consumer spending, we have data allowing us to evaluate monthly price variations, based on our readings carried out in supermarkets (for food, drinks and hygiene-beauty), as well as on price offers taken from our price comparators (energy, fuel, mutual insurance, mobile plans, Internet service providers, home insurance, banks, household appliances). Each price is then weighted by purchase frequency and aggregated into an overall average.

For other expenditure items (rent, housing and transport expenses, hotels and catering, leisure, clothing and health), Que Choisir refers to INSEE evaluations.

Please note: by convention, price variations over a period (for example for the month of May 2023) are calculated in relation to the same period of the previous year (the month of May 2022). This is to avoid seasonal price movements (for example those of fruits and vegetables, which are very dependent on the season and harvest conditions).​​​​​

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