France Inflation Surges to 2.2% in April

France’s annual inflation rose to 2.2% in April 2026 from 1.7% in March, confirming preliminary estimates and marking its highest level since July 2024. The pickup was mainly driven by energy prices, which surged 14.3% (vs 7.4% in March), reflecting a sharp rise in petroleum products (31.4% vs 18.1%) linked to the Middle East conflict. Services inflation also edged up to 1.8% from 1.7%. In contrast, food inflation slowed to 1.2% from 1.8%, while prices of manufactured goods continued to decline (-0.6% vs -0.5%). On a monthly basis, CPI rose 1.0%, unchanged from March, driven by increases in seasonal services (1.2%) and higher energy prices (4.7%), especially petroleum products (8.2%), while food rose slightly and manufactured goods were stable. Core inflation increased to 1.2% from 1.1%. Meanwhile, EU-harmonized inflation rose to 2.5%, marking the first time since August 2024 that France has exceeded the ECB’s 2% target.

France’s consumer price inflation accelerated to 2.2% year-over-year in April 2026, up from 1.7% in March and surpassing market forecasts of 2.0%, according to a preliminary estimate. This marks the highest rate since July 2024, primarily driven by a sharp rise in energy prices, particularly oil, linked to the Middle East conflict. The EU-harmonized inflation rate also climbed to 2.5%, the first time since August 2024 that France has exceeded the ECB’s 2% target. Energy prices surged 14.2%, following a 7.4% increase in March, while services inflation picked up to 1.9% from 1.7%. In contrast, food inflation eased to 1.3% from 1.8%, and prices for manufactured products continued to decline.

France’s annual inflation accelerated to 1.7% in March 2026 from 0.9% in February, confirming preliminary estimates and marking its highest level since January 2025. Main upward pressure came from a sharp rebound in energy prices (+7.4% vs -2.9% in February), particularly petroleum products such as diesel, petrol, and liquid fuels, attributed to the impact of the war in Iran. Services inflation also edged up to 1.7% from 1.6%, supported by a recovery in transport and communication costs, while tobacco prices rose faster (+3.2% vs +3.0%). In contrast, food inflation eased to 1.8% from 2.0%, while prices of manufactured goods fell more sharply (-0.5% vs -0.2%). On a monthly basis, the CPI rose 1.0% in March, picking up from 0.6% in February, also largely due to a surge in energy prices, especially petroleum products. Meanwhile, the EU-harmonised CPI increased 2.0% year-on-year, the highest since August 2024, and rose 1.1% on the month, the biggest gain since August 2023.