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Inflation slows significantly in January, to 3.1% year-on-year

Inflation slowed significantly in France in January, to 3.

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Inflation slows significantly in January, to 3.1% year-on-year

Inflation slowed significantly in France in January, to 3.1% over one year compared to 3.7% in December, according to a first estimate published Wednesday by the National Institute of Statistics and Economic Studies (Insee). This drop in inflation would be the result, according to INSEE, of the slowdown in the prices of energy, food and manufactured products over a year, despite the acceleration in the prices of services and tobacco. Over one month, consumer prices should decrease slightly in January (-0.2% in January compared to December, compared to 0.1% in December).

“I am committed to ensuring that inflation decreases rapidly at the start of 2024. This will be the case: the commitments I make, I keep them,” warned the Minister of the Economy Bruno Le Maire on Wednesday morning. , interviewed on CNews and Europe 1 just before the official publication of the results. Energy prices thus increased by only 1.8% in January 2024 compared to January 2023, while they still increased by 5.7% year-on-year in December.

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Inflation remains more vigorous in the prices of food products, at 5.7% year-on-year in January, but remains still lower than in December, when the same prices increased by 7.2%. This drop, however, is less noticeable in the fresh produce category, for which inflation remains high, at 8.3% in January 2024 compared to January 2023, compared to 8.8% in December.

Already low last month, inflation on manufactured products was further halved year-on-year in January, to 0.7%. Conversely, prices of services accelerated very slightly in January, up 3.2% year-on-year, compared to 3.1% in December. The only index that has increased significantly is that of tobacco prices, up 16.8% compared to January 2023, while it had increased by 9.8% year-on-year in December.

A reference indicator for comparisons between European countries, the harmonized consumer price index (HICP) increased by 3.4% in January, a sharp decline compared to the month of December (4.1%). In mid-February, INSEE will publish a second estimate of inflation in January.

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