In January 2017, the Consumer Prices Index (CPI) declined by 0.2% over a month after an increase by 0.3% in December. Seasonally adjusted, it grew by 0.7%, after +0.1% in December. Year on year, the CPI accelerated sharply (+1.3% after +0.6%). Inflation has reached its highest level since November 2012.

Over one month, the fall was due to the seasonal decline in manufactured product prices, essentially those of clothing and footwear. However, this decrease was less strong than in January 2016, mainly because winter sales started later this year. The overall drop was mitigated by the sharp acceleration in energy prices and, to a lesser extent, in food prices.