Between November 2021 and November 2022, consumer prices rose by 6.2% in France, according to a first estimate published this Wednesday by INSEE. The inflation rate had already reached the same level over one year in October.
In November, the rise in food prices accelerated compared to the previous month (+12.2% over one year compared to 12% in October) while energy prices slowed their progression (18. 5% versus 19.1%).
Soaring food prices
With regard to food, the prices of fresh products have soared by 12.5% since November 2021, after the 17.3% increase recorded in October. A deceleration offset by the renewed inflation observed in other food products (12.1% in November, one point more than in October).
The cost of services increased by 3% over one year (3.1% in October) and that of manufactured goods rose by 0.2 points compared to October (4.4% over one year). Benchmark indicator for comparisons between European countries, “the harmonized consumer price index would increase by 7.1% over one year, as in October”, underlines the National Institute of Statistics.
For their part, Germany (10%) and Spain (6.8%) reported on Tuesday a slowdown in their inflation rate over one year in November. A first estimate of inflation in the euro zone should be published late Wednesday morning. In October, it reached a record level of 10.6% according to Eurostat.
A drop in household consumption
At the same time, household consumption “declined sharply in October”, recording a fall of 2.8% over one month, its largest decline since April 2021 marked by health confinement.
This decrease is explained “by the sharp reduction in energy consumption” which fell by 7.9% due to “particularly mild weather conditions”, but also stems from a 1.7% drop in purchases of manufactured goods and food consumption, which fell by 1.4%, explains the National Institute of Statistics.
Last September, household consumption increased by 1.3%, according to a figure revised upwards by 0.1 percentage point. In the same month, energy consumption was up as was that of manufactured goods, while that of food goods, which are currently experiencing double-digit inflation, fell for the fifth month in a row.