France’s annual inflation rate slowed to 0.3% in January 2026, down from 0.8% in December, confirming the preliminary estimate and marking the lowest level since December 2020. The decline was driven primarily by a sharper drop in energy prices (-7.6% vs -6.8% in December) and a steeper fall in prices for manufactured goods (-1.2% vs -0.4%). Price increases also eased for services (1.7% vs 2.1%) and tobacco (2.7% vs 4.1%).
By contrast, food price inflation picked up slightly, rising to 1.9% from 1.7%, supported by higher prices for fresh vegetables, citrus fruits, and meat. Core inflation fell to 0.7% from 1.1%.
On a monthly basis, consumer prices declined by 0.3%, following a 0.1% increase in December, with seasonal discounts in clothing and footwear largely explaining the fall. In EU-harmonised terms, annual inflation slowed to 0.4%, while prices dropped 0.4% month-on-month.
