Food prices jumped 11.1% over one year, a slower rise than in July (AFP/Archives/Aurore MESENGE)
The consumer price index rose 4.8% year on year in August, a sharp rebound from July when inflation stood at 4.3%, according to a first estimate released Thursday by the ‘Insee.
The acceleration in the rise in prices observed in August – the first since April – is explained by “the rebound in energy prices” with in particular the 10% increase in the regulated electricity tariff in August 1, details the National Institute of Statistics and Economic Studies.
Energy inflation thus stood at 6.8% over one year in August, after a price drop of 3.7% in July.
Main drivers of inflation in recent months, food prices jumped 11.1% over one year, a slower rise than in July (12.7%).
While the government receives distributors and their suppliers this week to convince them to extend price reductions to a greater number of items, INSEE notes that fresh products have become more expensive by 9.1% over one year. in August (against 10.6% in July). Other food products cost 11.5% more than in August 2022 (+13% year on year in July).
In terms of manufactured goods (+3.1% over one year) and services (+2.9%), the rise in prices continued in August at a slower pace than in July.
Tobacco rose by 9.9% over one year, after 9.8% in July.
Benchmark indicator for comparisons between European countries, the harmonized consumer price index (HICP) rose by 5.7% over one year in August (5.1% in July).
Insee is due to publish a second estimate of inflation in August in mid-September.
© 2023 AFP
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