The unfavorable economic context continues. The rise in consumer prices accelerated slightly in January, with the inflation rate reaching 6% over one year after 5.9% in December, according to an initial estimate published on Tuesday 31 January by INSEE.
"This slight increase in inflation would be due to the acceleration in food and energy prices", up 13.2% and 16.3% respectively over one year, indicates the Institute. National Institute of Statistics and Economic Studies in its press release. Energy prices "would rebound due to the rise in the price of petroleum products, partly due to the end of fuel discounts, and the regulated rise in gas prices".
On January 1, 2023, the discount at the pump of 10 euro cents per liter and the 4% cap on the gas price increase ended (in favor of a 15% cap in 2023). By comparison, energy prices rose 15.1% year on year in December and 19.9% in January 2022.
As for food products, the rise in prices accelerated in January for both fresh products (9.8% over one year after 9.3% in December 2022) and other food products (13.8% after 12.6%). Conversely, service price growth slowed in the first month of 2023, from 2.9% to 2.6% year-on-year.
The evolution of the cost of manufactured goods remained stable (4.6% in December 2022 and in January 2023), while tobacco prices rose a little less rapidly than in December (0.2% after 0.3 %).
A reference figure for comparisons with other European countries, the harmonized consumer price index (HICP) stood at 7% over one year in January, after 6.7% in December. INSEE is due to publish a second estimate of inflation in January on February 17.
