“This slight increase in inflation results from a further acceleration over one year in energy prices” and food prices, specifies INSEE.
The price increase in France in May was 2.3% over one year, or 0.1 point more than in April, INSEE said on Friday, which revised its provisional estimate upwards by 0.1 point. for the month. “This slight increase in inflation results from a further acceleration over one year in energy prices” and food prices, while the prices of services are slowing down, specifies the institute.
The harmonized consumer price index (HICP, which is used for European comparisons) increased by 2.6% year-on-year in May, after 2.4% in April. This figure, used by the ECB to evaluate its monetary policy, is 0.1 point below the initial estimate published on May 31. Over one month, prices were stable, with a drop in energy prices but an increase of 0.4% in food prices.
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Over one year, energy prices accelerate because the prices of petroleum products “fell over one month between April and May 2024, but fell more significantly between April and May 2023, thus generating an increase in inflation over one year”, explains INSEE. In detail, food prices increased by 1.3% after 1.2% over one year, and those of services by 2.8% compared to 3.0%. Prices of manufactured products are stable.
