INSEE revises inflation slightly upwards in August, to 5.9% over one year

In their first estimate, the national statisticians rather counted on 5.8%.

This summer, households were able to breathe a little, but less than expected. INSEE revised its estimate of the consumer price index for August on Thursday upwards. According to national statisticians, inflation increased by 5.9% over one year, against 5.8% recorded previously.

In its first estimate, INSEE noted a slowdown in inflation, explained above all by the drop in energy prices. Over the month, these increased by 22.2%, less than in July. Conversely, the prices of food and manufactured goods accelerated, and those of services stagnated.

Despite the lull observed thanks to the summer sluggishness, consumers should bear the brunt of the price increase for several more months. INSEE expects inflation to stand at “about 6.5%” next December, when the Banque de France plans a “peakat the end of the year, at the same level as that indicated by the national statisticians.

The return to normal is not expected before at least the end of winter. This week, the boss of Bercy, Bruno Le Maire, said he expected strong inflation until January or February 2023, before a reflux began to be felt. Teams from the Ministry of Economy and Finance have also revised their forecast significantly upwards for next year, estimating inflation at 4.2% on average, instead of the 3.2% expected so far.

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