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 an initial estimate released on Thursday August 31, by INSEE.
The acceleration in the rise in prices observed in August – the first since April – can be 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. Food prices, meanwhile, continued to rise year on year, but less rapidly than in July.
Energy inflation thus stood at 6.8% year on year in August, after a price drop of 3.7% in July. The main drivers of inflation in recent months, food prices jumped 11.1% year on 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 (compared to 10.6% in July). Other food products are 11.5% more expensive than in August 2022 (13% YoY 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.
The reference indicator for comparisons between European countries, the harmonized index of consumer prices (HICP) rose by 5.7% year on year in August (5.1% in July). Insee is due to publish a second estimate of inflation in August in mid-September.
