Inflation: price increases reached 3.1% year-on-year in September, the highest since January 2024

Inflation reached 3.1% over one year in September in France, according to the final results published Thursday by INSEE, a revised figure up 0.1 point compared to the provisional estimate published at the end of September, and the highest since January 2024. Over one month, the 0.3% decline in prices is confirmed in September, after an increase of 0.7% in August, under the effect in particular of the seasonal decline in prices of services linked to tourism and transport.

A rise in prices driven by energy

The increase in prices over one year is mainly fueled by energy, whose prices jumped 21.3% after an increase of 16.7% in August. The prices of petroleum products notably increased by 36.2% after +28.7% in August: diesel increased by 44.1% after +36.4% in August, gasoline by 25.7% after +19.1% and liquid fuels by 64.6% after +47.8%. Gas prices increased by 19.0% (after +14.3% in August) while the increase in electricity was limited to 1.4% (after +1.1%).

The prices of services also accelerated over one year, by 2.4% after 1.9% the previous month, under the effect in particular of those of transport services (+5.1% after + 0.8%) and particularly those of airplanes (+ 10% after + 1.7%). Those of food increased by 1.4% after 1.1% in August. Prices of manufactured products remained on a downward trend, falling by 0.3% in September after -0.4% in August.

Core inflation, which excludes the most volatile prices such as energy, stood at +1.5% in September, after +1.1% in August. The harmonized consumer price index (HICP), which allows comparisons between European countries, fell by 0.3% over one month, after +0.7% in August. Over one year, it is up 3.4%, after +2.6% in August.