The latest figures published by INSEE reveal stable inflation in France, set at 2.2% over one year. This stability could be explained mainly by the slight increase in the prices of services and tobacco, offset by a notable increase in energy prices. The study highlights the different factors influencing these variations, offering interesting perspectives on the current French economy.
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Stability of consumer prices
Data published by INSEE for the month of May indicate that consumer prices in France increased by 2.2% year-on-year. This stability compared to the month of April could be explained by a slight slowdown in the rise in prices of services and tobacco. This trend seems to reflect a certain lull after several months of continuous increase.
On the other hand, energy prices experienced a strong acceleration, largely due to a base effect. Prices of manufactured products remain stable over one year, after a slight decrease of 0.1% in April, while food prices increased by 1.3% after an increase of 1.2% in April. The contrasting variations reveal distinct sectoral dynamics.
Differences between ipc and ipch
INSEE highlights the notable difference between the consumer price index (CPI) and the harmonized consumer price index (HICP). The HICP, used for European comparisons, shows an increase of 2.7% in May over one year, compared to 2.4% in April. This divergence is partly explained by differences in the weighting of energy prices and reimbursements in the health sector.
In monthly terms, the HICP decelerates to +0.2% after +0.6% in April. The stability of prices for services and tobacco over one month does not entirely compensate for the sharp drop in energy prices. This divergence between the indices reminds us of the importance of understanding the parameters at play.
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