According to a first estimate revealed by INSEE, inflation in France reached 4.9% over one year in September, a figure identical to that of August. “The slowdown over one year in the prices of food, services and manufactured products” is “counterbalanced by the acceleration in energy prices”, comments the National Institute of Statistics and Economic Studies in its press release. .
The prices of food products thus increased by 9.6% between September 2022 and September 2023, while they had jumped 11.2% year-on-year in August. The slowdown in food inflation is particularly noticeable for fresh products, the price of which increased by 4.1% year-on-year in September after increasing by 9.4% in August. The increase in the cost of manufactured products (+2.9% year-on-year in September) and services (+2.8%) was also less rapid than in August.
Consumer prices down 0.5%
The slowdown in inflation in services is explained in particular by the moderation of price increases in transport and accommodation services, details INSEE. Conversely, energy prices increased by 11.5% year-on-year, where they had increased more modestly by 6.8% between August 2022 and August 2023.
Energy prices, however, represent less than 10% of the consumption basket taken into account by INSEE for the calculation of the consumer price index, where food weighs around 16% and services, more than half. . The press release also underlines that “over one month, consumer prices would fall by 0.5% in September 2023, after + 1.0% in August”.
Reference indicator for comparisons between European countries, the harmonized consumer price index (HICP) increased by 5.6% over one year in September, a very slight slowdown compared to the month of August (5.7 %). INSEE is due to publish a second estimate of inflation in September in mid-October.
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