2023-09-15 10:20:23
Worse than expected. Driven by a “clear rebound” in energy prices, the consumer price index stood at 4.9% year-on-year in August, INSEE said this Friday, revising its estimate slightly upwards. first estimate (4.8%). Inflation marked a jump following the 4.3% increase over one year recorded in July.
Energy prices rose 6.8% year-on-year in August (following a 3.7% decline in July), driven by a 10% rise in electricity tariffs and a rebound in prices gasoline. Food prices – one of the main drivers of inflation – continued to record a double-digit increase (11.2%), but marked a slowdown compared to July (12.7%). Prices of services (3%) and manufactured products (3.1%) also slowed.
Fall in core inflation
Unlike total inflation, underlying inflation, which excludes the most fluctuating elements such as energy and certain food products, and thus makes it possible to identify an underlying trend in the evolution of prices, was registered down to 4.6% year-on-year in August, following 5% in July.
The harmonized consumer price index (HICP), used for EU-wide comparisons, increased from 5.1% in July to 5.7% in August.
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