2023-08-31 09:01:00
This is the first acceleration in price increases since April. According to INSEE, it is explained by “the rebound in energy prices”.
By LL with AFP According to INSEE, the rise in inflation is explained by “the rebound in energy prices”. © ANP MAG / ANP via AFP Published on 08/31/2023 at 09:01
The consumer price index rose 4.8% year on year in August, a sharp rebound from July, when inflation stood at 4.3%, according to an initial estimate released on Thursday August 31, by INSEE.
The acceleration in the rise in prices observed in August – the first since April – is explained by “the rebound in energy prices” with in particular the 10% increase in the regulated electricity tariff in August 1, details the National Institute of Statistics and Economic Studies. The prices of food products, for their part, continued to rise year on year, but less rapidly than in July.
Energy inflation thus stood at 6.8% over one year in August, after a price drop of 3.7% in July. The main drivers of inflation in recent months, food prices jumped 11.1% over one year, a slower rise than in July (12.7%).
Food products 11.5% more expensive than in 2022
While the government receives distributors and their suppliers this week to convince them to extend price reductions to a greater number of items, INSEE notes that fresh products have become more expensive by 9.1% over one year. in August (against 10.6% in July). Other food products cost 11.5% more than in August 2022 (+13% year on year in July).
In terms of manufactured goods (+3.1% over one year) and services (+2.9%), the rise in prices continued in August at a slower pace than in July. Tobacco rose by 9.9% over one year, after 9.8% in July.
Benchmark indicator for comparisons between European countries, the harmonized consumer price index (HICP) rose by 5.7% over one year in August (5.1% in July). Insee is due to publish a second estimate of inflation in August in mid-September.
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