France’s annual inflation rate rose to 1.0% in February 2026, up from 0.3% in January—the lowest rate since December 2020—and above market expectations of 0.8%, according to preliminary estimates.
This rebound was partly driven by a smaller decline in energy prices (‑3.0% vs ‑7.6% in January), largely due to a base effect linked to electricity prices, which had dropped sharply in February 2025. Prices of manufactured goods also fell at a slower pace (‑0.3% vs ‑1.2%).
At the same time, food inflation accelerated to 2.1%, from 1.9% in January, while services inflation inched up to 1.8% from 1.7%. Tobacco prices also increased more rapidly, rising 3.0% year-on-year after a 2.7% gain in the previous month.
On a monthly basis, the consumer price index (CPI) increased 0.7% in February, following a 0.3% rise in January. Using the EU-harmonised index of consumer prices (HICP), annual inflation climbed to 1.1% from 0.4%, significantly above the consensus forecast of 0.7%.
