Informations Rapides · 13 December 2024 · n° 308

In November 2024, consumer prices fell by 0.1% over one month and increased by 1.3% year on year Consumer price index - final results - November 2024

In November 2024, the Consumer Price Index (CPI) decreased by 0.1% over one month, after +0.3% in October. This slight fall in prices is explained by the seasonal drop in prices of airfares (‑11.4% after +14.9%) which pushed down prices of services (‑0.3% after +0.2%). Conversely, prices of energy rose slightly over one month (+0.2% after +0.8%), as those of tobacco (+0.1% after remaining stable), while those of food and manufactured products were stable (after +0.2% and +0.3% respectively in October).

Seasonally adjusted, consumer prices were stable in November 2024 after +0.2% in October.

Year on year, consumer prices went up by 1.3% in November 2024, after +1.2% in October. This slight increase in inflation is explained by the year-on-year fall in energy prices less marked than in the previous month (‑0.7% after ‑2.0%). Conversely, the prices of food slowed down (+0.2% after +0.6%). Prices of manufactured products evolved over the year at a rate close to that of October (‑0.3% after ‑0.2%), like those of services (+2.3% after +2.3%) and tobacco (+8.7% after +8.7%).

Year on year, core inflation was almost stable, reaching +1.5% in November 2024, after +1.4% in October.

The Harmonised Index of Consumer Prices (HICP) fell by 0.1% over one month, after +0.3% in October. Year on year, it slightly accelerated: +1.7% in November 2024, after +1.6% in October.

Year on year, the prices of energy fell by 0.7% in November 2024, after ‑2.0% in October.

The prices of petroleum products fell less sharply over the year (‑9.0% after ‑12.0%) due to the lower decline in diesel prices (‑10.7% after ‑14.8%), petrol (‑5.6% after ‑7.5%) and liquid fuel (‑14.5% after ‑16.6%).

Year on year, the prices of electricity accelerated (+9.5% after +9.0%) and those of gas slowed down (+7.2% after +10.7%). Prices of solid fuels fell at a slower rate than in the previous month (‑9.0% after ‑9.7%).

Year on year, service prices rose by 2.3%, as in October.

Year on year, the prices of transport accelerated again (+4.4% after +4.1%) driven by those of airfares (+9.8% after +6.2%) and transport by train (+1.5% after +0.5%) while the prices of transport by road slowed down (+4.8% after +5.7%).

Year on year, prices of “other services” accelerated slightly (+3.6% after +3.5%), like those of insurance services (+9.0% after +8.7%) and accommodation services (+4.2% after +3.1%). Conversely, the prices of catering slowed down (+2.4% after +2.6%), like those of cultural and recreational services (+1.3% after +3.1%) and those of social protection (child care services, retirement homes for elderly persons and residences for disabled persons, services to maintain people in their private homes; +2.9% after +3.0%).

Year on year, prices of communication services decreased at a slower pace than in October (‑12.2% after ‑13.6%).

Year on year, prices of rents, water and household refuse collection slowed down slightly (+2.8% after +2.9%), and those of health services decreased at a faster pace than in the previous month (‑1.2% after ‑0.2%).

Year on year, food prices increased by 0.2% in November 2024, after +0.6% in October.

Prices of fresh products decelerated strongly over one year (+1.8% after +4.5%) driven by those of fresh vegetables (+2.2% after +9.1%), fresh fruits (+1.9% after +2.4%) and fresh fish (+1.6% after +2.3%).

Prices of food excluding fresh products were virtually stable over one year (‑0.1% after remaining stable). Year on year, the prices fell in meat (‑1.0% after ‑0.6%), milk, cheese and eggs (‑0.8% after ‑0.7%) and bread and cereals (‑0.1% after a stability). The prices of oils and fats slowed down slightly (+4.1% after +4.2%). Conversely, those of sugar, jam, honey, chocolate and confectionery accelerated slightly (+2.8% after +2.7%), as those of alcoholic (+0.4% after +0.3%) and non-alcoholic beverages (+1.3% after +1.1%).

The prices of manufactured products decreased slightly by 0.3% year on year in November, after ‑0.2 % in October.

The prices of clothing and footwear fell back slightly year on year (‑0.1% after +0.1%).

Those of health products decreased at a faster rate than in the previous month (‑1.5% after ‑1.2%).

Over one year, prices of “other manufactured products” were stable as in October. Those of equipment for sport fell back sharply (‑0.6% after +0.7%). Contrariwise, the prices of vehicles accelerated (+1.1% after +0.8%) like those of and newspapers and periodicals (+2.5% after +2.3%) and glassware, tableware and household utensils (+0.5% after +0.1%). The prices of major household appliances fell at a slightly slower rate than in the previous month (‑2.2% after ‑2.4%), like those of games, toys and hobbies (‑0.5% after ‑1.5%).

Compared to the provisional estimates published on 29 November 2024, both month-on-month and year-on-year changes in CPI and in HICP are confirmed.