INSEE confirms inflation of 2.2% for the month of April 2024, the slowdown continues

Inflation continues to fall and after its decrease to 2.3% in March it rose to 2.2% in April. INSEE announced this Wednesday that consumer prices increased by 0.5% over one month and 2.2% over one year, corroborating its first estimates.

This drop is explained by the “slowdown over one year in the prices of food (+1.2% after +1.7%) and tobacco (+9.0% after +10.7%)”, contributing to the reduction of overall inflationary pressure.

A slowdown over a year

On an annual basis, in addition to the slowdown in food and tobacco prices, prices of manufactured products decrease by 0.1% in April 2024 after experiencing an increase of 0.1% in March.

 

The “other manufactured products” category saw a stabilization of its prices over one year (0.0% after +0.4%) and this due to the drop in prices concerning, for example, furniture (‑0.3% after +0 .1%), stationery (+ 2.8% after + 3.2%), cleaning products (+ 1.5% after + 3.4%) and even large household appliances (-2.9 % after -2.5%). As for health products, their prices decreased similarly in March with -1.4%.

These decreases offset the increase in the prices of certain manufactured products such as new automobiles (+0.4% after 0.0%).

Slight increase over the month

INSEE nevertheless notes a slight acceleration in the consumer price index (CPI): +0.5% in April after +0.2% in March. This is explained in particular by the increase in prices of services (+ 1%, after stability in March) mainly caused by transport and insurance, and energy (3.8% in April, after + 3 .4% in March). A slight increase in food prices should also be taken into account (+0.1% after 0.0%).

 

The harmonized consumer price index (HICP), which is an indicator for comparing the level of inflation in EU countries, increased in one month (+ 0.6% in April after + 0.2% in March). Over one year, it saw an increase of 2.4% in April 2024, as was the case for the month of March.

By Editor

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