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Retail

French Consumer Prices Increased In July, Says Insee

Consumer prices in France increased by 0.3% month-on-month in July 2022, following a 0.7% increase in June, according to latest data from Insee.

Seasonally adjusted consumer prices rose by 0.4% in June after climbing 0.8% in June.

Food prices accelerated at a lesser extent compared with services, registering 1.0% increase in July after seeing 0.8% increase in June.

Fresh food prices increased by 5.2% in July, with fresh vegetable prices up 4.9%, fresh fish up 17.2%, and fresh fruit increasing by 2.7%.

Excluding fresh products, food prices saw a sharp increase of 7.1%, driven by the price of meat, notably poultry, milk, cheese and eggs, bread and cereals, alcoholic and non-alcoholic beverages, and oils and fats (+21.2% after +17.7%).

The prices of manufactured goods decreased by 1.6%, after remaining flat in June, primarily due to summer sales, Insee noted.

Annual Comparison

Consumer prices increased by 6.1% year-on-year in July, after witnessing 5.8% growth in June.

This increase in inflation was driven by services ( up 3.9% in July, from 3.3% in June), food (up 6.8% in July from 5.8% in June) and, to a lesser extent, by prices of manufactured goods, which increased by 2.7%.

The prices of energy decelerated slightly to 28.5% in July from 33.1% in June.

Core inflation increased by 4.3% year-on-year in July, following 3.7% growth in June, as a result of a 0.8% monthly increase, while the Harmonised Index of Consumer Prices (HICP) increased by 0.3% over one month, after a 0.9% increase in the previous month, and by 6.8% year-on-year.

Additionally, the statement published by Insee noted that the month-on-month and year-on-year changes in CPI and HICP have been confirmed, compared to provisional estimates published on 29 July 2022.

© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Dave Simpson. Click subscribe to sign up to ESM: European Supermarket Magazine.

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