Consumer prices in France increased by 2.4% year-on-year in May, after 2.2% in April, this increase in inflation being explained by an acceleration in energy prices, INSEE indicated on Friday June 12.
Energy prices were notably driven by a rebound in gas prices (+11.3% after –3.1% the previous month), and inflation was also supported by the rise in service prices (+2.1% after +1.8% in April). On the other hand, food prices slowed slightly (+1.1%, after +1.2%) and those of manufactured products remained almost stable, like those of tobacco.
Over one year, the prices of petroleum products slowed slightly but remained up sharply (+31.1% after +31.4%). This is the case, for example, for the prices of diesel (+ 38% after + 42.1%) or liquid fuels (+ 57.4% after 58.9%), in a context of war in the Middle East.
Prices for services accelerated over one year, driven by communication services (+9.5% after +3.8%), in particular prices for mobile communication services (+25.8% after +10.2%).
INSEE also notes an increase in the prices of transport services, particularly in the air transport sector (+6.8% after +2.5%). However, the prices of “other services” slowed down over one year, such as in catering (+1.9% after +2.7%), or in the social protection sector (childcare services, retirement homes, home help, etc.) where prices also slowed down (+1.3% after +1.4%).
Food prices falling
According to INSEE, food prices “decelerate slightly for the fourth consecutive month”. This is explained by a slowdown in food prices excluding fresh products, notably those of meat (+2.9% after +3.6%), bread and cereals (+0.2% after +0.4%), milk and other dairy products and eggs (+0.5% after +0.7%).
The Statistical Institute also observed a slight decline in prices in mass distribution, where the prices of industrial food, maintenance and hygiene-beauty products fell by 0.1% year-on-year after +0.2% in April.
The harmonized consumer price index (HICP), which allows comparison between euro zone countries, increased by 2.8% year-on-year in May, after + 2.5% year-on-year in April.
