2023-11-30 10:42:17
Inflation slowed sharply in France in November, to + 3.4% over one year after + 4.0% in October, according to provisional data communicated Thursday, November 30 by the National Institute of Statistics and Economic Studies ( INSEE).
“Overall, inflation today has been defeated and it is a real economic success”welcomed the Minister of the Economy, Bruno Le Maire, on France Inter.
Slowdown in the price of services
According to INSEE, “this drop in inflation would be due to the slowdown over one year in the prices of services, energy and, to a lesser extent, manufactured products and food”.
In November 2023, consumer prices increase by 3.4% year-on-yearhttps://t.co/DqPCOeUv5h
— Insee (@InseeFr) November 30, 2023
Energy prices would have increased by 3.1% year-on-year in November, compared to an increase of 5.2% in October, according to these provisional data. For comparison, in November 2022, during the energy crisis, energy prices had skyrocketed by 18.4% year-on-year.
According to this first estimate from INSEE, the prices of services increased by 2.7% over one year in November (compared to + 3.2% in October) and those of manufactured products increased by 1.9% (compared to + 2.2%).
Sharp increase in fresh produce
On the food side, the overall price increase slowed slightly to +7.6% year-on-year in November, compared to +7.8% in October year-on-year. But the prices of fresh products showed a sharp increase over one year of 6.6% in November, compared to only 1.1% in October. Inflation on other food prices, on the other hand, slowed significantly to +7.8% year-on-year in November, compared to +9.1% in October.
Over one month, consumer prices should fall ” slightly “ by 0.2% in November, after + 0.1% in October.
“The prices of services would fall, particularly those of transport, and those of energy would decrease again”indicates INSEE in its provisional estimate, when those “manufactured products would be stable compared to the previous month”.
On the other hand, food prices would increase over one month “due to fresh products, food prices excluding costs remain stable”, underlines the Institute. The drop over one year in the harmonized consumer price index, allowing European comparisons, would also be marked, at + 3.8% in November, after + 4.5% in October. Over one month, it would fall to -0.3%, after +0.2% the previous month.
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