Purchasing power: Inflation accelerates (again) to 3.4% year-on-year in October, the highest since 2024
Consumer prices increased by 3.4% year-on-year in October, according to a provisional estimate published Friday by INSEE
A new blow to the purchasing power of the French. According to a provisional estimate published Friday by INSEE, consumer prices increased by 3.4% year-on-year in October. After a previous increase of 3.1% in September, inflation is at its highest since January 2024.
A figure on the rise due to a further acceleration in energy prices. According to INSEE, gas and petroleum products mainly increased by 24.1% in October (after 21.3% in September). An increase accelerating for the fourth consecutive month.
Inflation is also increasing in services (+2.7% in October after +2.4%), notably accommodation and transport services. Slowdown in food Some (slight) good news nevertheless, the rise in food prices is slowing down a little: + 1.2% compared to + 1.4% the previous month. Fresh products are particularly affected: +8.0% compared to +9.5% the previous month.
As for manufactured products, they continue to decline, but more slightly (-0.2% after -0.3%). Over one month, consumer prices rebounded by 0.4%, after a drop of 0.3% in September, also driven by energy. The harmonized consumer price index (HICP), which allows comparisons between European countries, increased by 3.8% year-on-year in October, also marking an acceleration compared to September (+ 3.4%).
Over one month, it increased by 0.4%, after -0.3% the previous month.
Machine-translated from French
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