July 20, 2022

Monthly change: +0.7% in June; year-on-year change: +5.8%

In June 2022, the Consumer Price Index (CPI) in France rose by 0.7% over one month, as in May. The prices of energy accelerated (+5.2% after +1.6%) linked with the sharp increase in petroleum product prices (+9.4% after +2.9%). Those of food slowed down (+0.8% after +1.0%), as those of services (+0.3% after +0.5%). The prices of manufactured goods were stable (+0.0% after +0.5%).

Seasonally adjusted, consumer prices rose by 0.8% after +0.6% in May.

Year on year, consumer prices grew by 5.8% after +5.2% in may. This increase in inflation resulted from the acceleration of energy (+33.1% after +27.8%), food (+5.8% after +4.3%) and, to a lesser extent, service prices (+3.3% after +3.2%). The prices of manufactured goods slowed down (+2.5% after +3.0%).

Stability of core inflation year on year

Year on year, core inflation grew by 3.7% in June, as in May. The Harmonised Index of Consumer Prices (HICP) rose by 0.9% over one month, after +0.8% in May; year-on-year, it increased by 6.5% after +5.8% in the previous month.

Sharp acceleration in energy prices year on year

Year on year, the prices of energy accelerated in June (+33.1% after +27.8%). The year-on-year increase in petroleum product prices is significantly stronger than in the previous month (+47.5% after +36.7%) in link with the prices of diesel (+45.9% after +35.2%) and petrol (+35.9% after +24.2%). The prices of electricity accelerated (+7.6% after +6.5%) and those of gas slowed down (+49.3% after +55.0%).

Acceleration in food prices year on year

Year on year, food prices increased by 5.8% in June, after +4.3% in May. Compared to the previous month, those of fresh food products were more dynamic than in the previous month (+6.6% after +1.8%): the prices of fresh fruits rebounded (+2.9% after -1.4%), and those of fresh vegetable (+7.3% after +0.2%) and fresh fish (+18.3% after +13.7%) accelerated. Excluding fresh products, the food prices also accelerated (+5.7% after +4.7%) linked with the prices of meat (+7.2% after +6.1%) notably poultry (+12.1% after +9.8%), bread and cereals (+6.6% after +5.5%), milk, cheese and eggs (+5.9% after +4.7%) and oils and fats (+17.7% after +13.9%).

Slight increase in service prices year on year

Year on year, service prices rose by 3.3% in June, after +3.2% in May. The prices of transport services accelerated (+13.1% after +9.0%) linked with those of the airfares (+26.5% after +19.3%), transport by road (+10.8% after +6.5%) and railway prices (+13.2% after +10.8%). Those of health services increased slightly (+0.1% after +0.0%). The year-on-year prices of “other services” increased at the same rhythm than the previous month (+4.0%): on one side, the prices of accommodation service (+9.5% after +7.0%), maintenance and repair of the dwelling service (+4.8% after +4.5%) and of personal transport equipment service (+6.0% after +5.4%) accelerated, on the other side those of catering service (+4.2% after +4.6%) and insurance service (+2.2% after +2.4%) slowed down and those of recreational and cultural services decreased (-0.8% after +0.4%). The year-on-year inflation in communication services was stable (+0.3%). Finally, the prices of housing-related services slightly slowed down (+2.2% after +2.3%).

Slowdown in manufactured good prices year on year

Year on year, manufactured product prices increased less strongly in June than in May (+2.5% after +3.0%), mostly due to a sharp slowdown in clothing and footwear (+0,5% after +4.1%) linked with the beginning of the summer sales. The prices of “other manufactured products” increased at the same rate than the previous month (+3.8%): those of furniture and furnishings (+7.4% after +6.3%), non-durable household goods (+4.8% after +4.0%), newspapers, books and stationery (+4.2% after +3.7%) and vehicles (+5.1% after +4.8%) accelerated, while those of glassware, tableware and households utensils (+3.7% after +5.1%) and other appliances, articles and products for personal care (+2.3% after +3.3%) slowed down. Finally, the decrease in health product prices slightly accentuated (−1.5% after −1.4%) linked with pharmaceutical product prices (−2.0% after −1.9%).

Source: National Institute of Statistics and Economic Studies of France
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