In July 2018, the Consumer Prices Index (CPI) declined by 0.1%, after a stability in June. This slight drop came from a seasonal fall in manufactured product prices (−2.8%) due to summer sales, partly offset by a rebound in services prices (+1.1%), essentially in airfares with the beginning of school holidays. Energy prices slowed down (+0.5% after +0.9%). Finally, food prices recovered slightly (+0.1% after −0.2%).

Seasonally adjusted, consumer prices accelerated to +0.3% after a stability in June.

Year on year, consumer prices rose by 2.3%, that is 0.3 points of percentage more than in the previous month. This stronger inflation resulted essentially from a year-on-year acceleration in energy prices, and to a lesser extent, in service prices and tobacco prices. The lesser drop in manufactured product prices also contributed to the rise in inflation. Finally, the year-on-year inflation in food prices was unchanged.