France Inflation Surges to 2.2% in April

The annual inflation rate in France slowed to 1.8% in June 2026 from 2024-highs of 2.4% in May, and below expectations of 2.1%, preliminary estimates showed. The decline in inflation was primarily driven by a sharp slowdown in energy price growth, particularly for petroleum products, although energy prices remained significantly higher than a year earlier (11.2% vs 16.6% in May). Services (1.8% vs 2.1%) and food (0.9% vs 1.1%) inflation also eased while prices for manufactured goods declined at a faster pace (-0.9% vs -0.6%), partly due to calendar effects, as the June data collection period included more days of seasonal sales than in the previous year. In contrast, tobacco prices increased at a slightly faster pace (3.3% vs 3.2%). Compared to the previous month, the CPI declined 0.2%, the first fall in five months, led by a sharp decline in energy prices, mainly petroleum products. Considering the EU-harmonised CPI, prices rose 2% yoy (vs 2.8% in May) and dropped 0.3% on the month.

France’s annual inflation rate rose to 2.4% in May 2026, picking up from 2.2% in April, confirming preliminary estimates. This marked the highest level since February 2024, driven mainly by higher energy prices (16.6% vs 14.3% in April), largely due to a sharp rebound in gas prices (11.3% vs -3.1%). Services inflation also rose to 2.1% from 1.8%, while food prices slowed slightly to 1.1% from 1.2%. Prices for manufactured goods fell by 0.6%, and tobacco inflation remained steady at 3.2%. On a monthly basis, the CPI increased by 0.1% in May, slowing sharply from 1.0% in April, as energy prices rose at a slower pace (0.6% vs 4.7%), with higher gas prices partly offset by a decline in petroleum products (-1.9% vs 8.2%). Food prices rose 0.3%, driven by fresh products, while manufactured goods edged up 0.1%, and services and tobacco were stable. Meanwhile, the EU-harmonised annual inflation rate rose to 2.8% from 2.5%, while monthly CPI increased by 0.1% following a 1.2% rise in April.

France’s annual inflation rate accelerated to 2.4% in May 2026, from 2.2% in April, according to preliminary estimates. Although slightly below expectations of 2.5%, inflation rose for a fourth consecutive month, reaching its highest level since February 2024, mainly driven by higher energy prices (16.8% vs 14.3% in April), particularly gas, due to the war with Iran. Service prices also continued to rise (2% vs 1.8%) and food inflation remained unchanged from the previous month at 1.2%. Prices for manufactured goods declined 0.6%, the same as in April and tobacco increased at a steady rate of 3.2%. Compared to the previous month, the CPI edged up 0.1%, following a 1% jump in April, driven by gas prices, while petroleum product prices declined slightly. Meanwhile, the EU-harmonised annual inflation rate rose to 2.8% from 2.5%, while monthly CPI increased by 0.1% following a 1.2% rise in the previous month, with both figures coming in line with market expectations.