Driven by energy prices, inflation reached 3.4% over one year, the highest in eighteen months

Inflation reached 3.4% over one year in October in France, according to final results published Friday by INSEE, a figure in line with the provisional estimate published at the end of October and the highest since January 2024, due to an acceleration in energy prices. Energy prices increased by 24.1% in October year-on-year, after 21.3% in September, driven by a surge in the prices of gas and petroleum products. This is the fourth consecutive month of increase.

Inflation is also increasing in services (+2.6% in October after +2.4%). Food on the rise, but less Conversely, the rise in food prices is slowing down a little (+1.2% compared to +1.4% the previous month). This is explained by a slowdown in the prices of fresh products (+8.0% after +9.5%), particularly those of fresh fruiting vegetables such as tomatoes and zucchini (+24.9% after +35.8%) and leafy or stem vegetables such as salads (+15.6% after +23.5%).

The prices of manufactured products continue to fall but more slightly (-0.2% after -0.3%). This time last year, before the outbreak of war in the Middle East, inflation was 0.9% year-on-year and energy prices were falling. Over one month, consumer prices rebounded by 0.4%, after a drop of 0.3% in September.

The harmonized consumer price index (HICP), which allows comparisons between euro zone countries, increased (+ 3.7% over one year) after 3.4% in September. Over one month, it increased by 0.4%, after -0.3% the previous month.

Machine-translated from French