France’s Harmonised Index of Consumer Prices (HICP) slipped into negative territory on a month-over-month basis in January 2026, underscoring renewed disinflationary pressure at the start of the year. According to data updated on 3 February 2026, the French HICP fell by 0.3% compared with December 2025.
The decline follows a marginal 0.1% month-over-month increase in December 2025, marking a clear reversal in short-term price momentum. On a month-over-month comparison basis, the “actual” January figure reflects the change versus December, while the “previous” reading shows December’s change relative to November.
The negative January reading will likely feed into broader euro area inflation assessments, as the harmonised index is the key measure used for cross-country comparison within the European Union and for European Central Bank policy analysis.
