2023-06-15 07:47:12
The decline in inflation in France is confirmed. In May, the consumer price index fell by 0.1% over one month, following +0.6% in April, INSEE confirmed on Thursday. The drop in energy prices accelerated (‑3%) in the wake of oil product prices (‑5.9%).
Food prices also slowed over one month (+0.3%) as well as those of services (+0.3%), due to the fall in the prices of transport services (‑2.3%) . The prices of manufactured products were stable between April and May 2023, detailed the National Institute of Statistics.
Food prices still high
Over one year, consumer prices increased by 5.1% in May, following +5.9% in April. This decline is due to the year-on-year slowdown in energy prices (+2.0% following +6.8%), manufactured goods and services.
Having become the leading driver of inflation ahead of energy, food prices increased by 14.3% over one year in May, slightly less than in April (15%). “Excluding fresh products, food prices are slowing for the first time since September 2021” (14.9% following 15.8%), underlined INSEE, but “the prices of fresh products are increasing at a comparable rate to that of April” (10.7% following 10.6%).
While the rise is attenuated for the prices of bread, cereals, meat, milk, cheese, eggs, oils, fruit or fresh fish, it is accelerating for sugar, jam, honey, chocolate, confectionery or fresh vegetables.
Manufacturers agree to lower prices
Finally, tobacco prices accelerated for the third consecutive month (+9.8% following +9.4%). And underlying inflation, which excludes the most volatile elements such as energy, and thus makes it possible to identify a basic trend in price changes, rose to 5.8% over one year in May. , following 6.3% in April.
The big food manufacturers, who had an appointment with the Minister of the Economy last week, have pledged to reduce prices on many products ranging from pasta to animal feed. The precise list of brands and products concerned should be sent to Bruno Le Maire in the coming days.
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