In their first estimate, the national statisticians rather counted on 5.8%.
This summer, households were able to breathe a little, but less than expected. INSEE revised its estimate of the consumer price index in August slightly upwards on Thursday. According to national statisticians, inflation reached 5.9% over one year, against 5.8% expected in a first estimate.
In detail, over one month, the prices of manufactured goods increased massively, by 1.8%, driven by the end of the summer sales. At the same time, food prices also accelerated, by 1.7%, “due to the rebound in fresh produce prices“: fresh fruit is particularly concerned, as well as meat, milk, cheese and eggs, details INSEE. Conversely, the prices of services slowed down, and those of energy fell by 3.9%. Over one year, the increase in energy prices reached 22.7% in August, that of food amounted to 7.9% and that of manufactured goods 3.5%, specifies the document.
Several months of marked inflation expected
Despite the lull observed thanks to the summer sluggishness, consumers should bear the brunt of the price increase for several more months. INSEE expects inflation to stand at “about 6.5%” next December, when the Banque de France plans a “peakat the end of the year, at the same level as that indicated by the national statisticians.
The return to normal is not expected before at least the end of winter. This week, the boss of Bercy, Bruno Le Maire, said he expected strong inflation until January or February 2023, before a reflux began to be felt. The teams of the Ministry of Economy and Finance have also revised their forecast significantly upwards for next year, estimating inflation at 4.2% on average, instead of the 3.2% expected so far. .
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