Inflation picks up again and reaches 6.2%

The rise in consumer prices in France is picking up again. After two months of slowdown, inflation is rising again reaching 6.2% over the last twelve months, against 5.6% at the end of September, according to figures published Friday, October 28 by INSEE.

We have to go back to June 1985, the month during which a price increase of 6.4% over one year was recorded, to find a level of inflation higher than this first estimate. Last July, inflation had already reached 6.1% over one year, before slowing down in August (5.9%) and September (5.6%).

Sharp rise in power

The increase in food products, to which the most modest households devote a larger share of their income, was particularly strong in October, at 11.8% over one year and even 16.9% for fresh products.

Energy prices for their part increased by 19.2% against 17.9% in September, despite the extension of the rebate at the pump by the government.

Manufactured goods increased by 4.2% while prices for services (3.2%) and tobacco (0.3%) increased at the same rate as the previous month.

Plus 1% in a month

Over one month, consumer prices should increase by 1% after having fallen by 0.6% in September. Still over one month, energy prices should rebound in the wake of oil product prices. Those of services should be stable, while food prices should accelerate and those of manufactured goods should slow down slightly.

Over one year, the harmonized consumer price index (HICP), which serves as a basis for comparison at European level, should increase by 7.1%, after a rise of 6.2% in September. Over one month, it should rebound by 1.3%, after -0.5% the previous month.

In its economic report at the beginning of October, INSEE had indicated that it expected a slight slowdown in inflation in October before a rebound in November and December with the end of the rebate at the pump on fuels. The resumption of acceleration was finally faster than expected.

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