October 22. 2022

Monthly change: -0.6% in September; year-on-year change: +5.6%

In September 2022, the Consumer Price Index (CPI) in France decreased by 0.6% over one month, after +0.5% in August. The prices of services contracted (-1.5% after +0.3%), due to the more marked seasonal downturn in the prices of certain tourism-related services. For the third consecutive month, the prices of energy decreased (-2.6% after -3.9% in August and -1.3% in July) in the wake of those of petroleum products (-7.0% after -7.6% in August and -3.6% in July). The prices of manufactured goods (+0.9% after +1.8%) and those of food (+1.1% after +1.7%) slowed down.

Seasonally adjusted, consumer prices decreased by 0.3% after +0.2% in August.

Year on year, consumer prices grew by 5.6% after +5.9% in August. This decrease in inflation resulted from the slowdown in service prices (+3.2% after +3.9%) and energy prices (+17.9% after +22.7%). The prices of manufactured goods increased at a rate comparable to that of August (+3.6% after +3.5%), while those of food accelerated again over a year (+9.9% after +7.9%).

Smaller core inflation year on year

Year on year, core inflation decreased slightly, reaching +4.5% in September, after +4.7% in August. The Harmonised Index of Consumer Prices (HICP) decreased by 0.5% over one month, after +0.5% in the previous month; year-on-year, it slowed down slightly: +6.2% after +6.6% in August.

Slowdown in service prices year on year

Year on year, service prices rose by 3.2% in September, after +3.9% in August. The prices of transport services slowed down sharply (+8.6% after +15.3%), notably airfares (+23.1% after +39.8%) and those of transport by road (+5.5% after +11.6%). The prices of “other services” were less dynamic (+4.0% after +4.8%) due to the seasonal slowdown of accommodation service prices (+4.0% after +7.1%) and package holidays (+25.3% after +41.4%) and the smaller increase in insurance prices (+0.2% after +1.7%). The prices of television and radio license fee and subscription decreased (-11.3% after +1.4%) due to the first effects of the abolition of the public services broadcasting contribution. The prices of communication services rose at the same rate as the previous month (+0.7%). Those of housing-related services (+2.0% after +1.8%) and health services (+0.3% after +0.0%) increased in September.

Slowdown in energy prices year on year

Year on year, the prices of energy slowed down in September (+17.9% after +22.7%). Those of petroleum products decelerated (+18.7% after +28.7%), particularly in link with the increase in fuel discounts: diesel prices slowed down (+19.1% after +29.4%) and those of petrol turned down (-2.3% after +13.4%). The prices of gas slowed down (+30.4% after +37.9%) due to a more marked increase in September 2021 and those of electricity accelerated (+10.7% after +7.7%).

Slight acceleration in manufactured good prices year on year

Year on year, manufactured product prices increased by 3.6% in September, after +3.5% in August. This slight acceleration is due to the smaller decrease in health product prices (-0.9% after -1.3%) and the increase in the prices of “other manufactured goods” (+4.8% after +4.7%). The prices of non-durable household goods (+9.8% after +8.5%), gardens, plants and flowers products (+3.0% after +2.8%), newspapers, books and stationery (+4.4% after +3.5%) and major household appliances (+5.8% after +4.7%) accelerated. On the contrary, those of clothing and footwear (+2.5% after +2.7%), furniture and furnishings (+8.4% after +8.9%) and vehicles (+5.8% after +6.3%) slowed down in September.

Continuing acceleration in food prices year on year

Year on year, food prices increased sharply in September (+9.9% after +7.9%), due to a month-on-month increase in September corresponding with a downturn in September 2021. The year-on-year increase in fresh products accentuated (+11.3% after +3.5%): the prices of fresh vegetables (+17.7% after +0.5%), fresh fruits (+6.6% after +3.2%) and fresh fish (+16.5% after +15.7%) accelerated. Excluding fresh products, the food prices also increased (+9.6% after +8.6%) linked with the prices of milk, cheese and eggs (+12.6% after +10.9%), meat (+11.0% after +10.2%), bread and cereals (+9.9% after +9.1%), non-alcoholic (+8.0% after +7.1%) and alcoholic beverages (+4.1% after +3.7%).