France September Inflation Revised Up to 3.1%

The annual inflation rate in France came in at 3.1% in September 2026, revised up from the preliminary estimate of 3.0% and picking up from 2.4% in August. This marked the highest reading since January 2024, driven mainly by a sharp acceleration in energy inflation to 21.3% from 16.7%, particularly as petroleum product prices rose 36.2%. Meanwhile, services inflation accelerated to 2.4% from 1.9%, while food inflation increased to 1.4% from 1.1%. The decline in manufactured product prices also eased to 0.3% from 0.4%, while tobacco inflation remained unchanged at 3.3%. On a monthly basis, consumer prices fell 0.3%, following a 0.7% increase in August, as seasonal declines in services prices, particularly for accommodation and transport, outweighed further increases in energy prices. Meanwhile, the EU-harmonised annual inflation rate rose to 3.4% from 2.6%, while monthly HICP fell 0.3% after increasing 0.7% in August.

The annual inflation rate in France accelerated for a third consecutive month to 3% in September 2026, the highest since February 2024, compared to 2.4% in August and forecasts of 2.8%, preliminary estimates showed. Energy prices accelerated again (21.2% vs 16.7%) driven by higher for petroleum products and gas. Services inflation also edged up (2.2% vs 1.9%), partly because the seasonal decline in accommodation and transport prices is likely to be less pronounced than in September 2025. Food prices increased at a faster pace (1.5% vs 1.1%), particularly those of fresh products, while prices for manufactured goods fell slightly less (-0.3% vs -0.4%). Meanwhile, tobacco prices increased 3.3%, the same as in August. Compared to the previous month, the CPI decreased 0.3%, following a 0.7% rise. Considering the EU-harmonised CPI, prices went up 3.4% on the year, the most since January 2024 and above forecasts of 3.1%. On the month, the EU-harmonised CPI fell 0.4%.

The annual inflation rate in France accelerated to 2.4% in August 2026, up from 2.1% in July and confirming preliminary estimates. This marked the highest reading in three months, driven mainly by a sharp acceleration in energy inflation to 16.7% from 12.6% in July, particularly for petroleum products. Meanwhile, food inflation edged up to 1.1% from 1.0%, while the decline in manufactured product prices eased to 0.4% from 0.7%. On the other hand, services inflation slowed to 1.9% from 2.2%, while tobacco inflation remained unchanged at 3.3%. On a monthly basis, consumer prices rose 0.7% in August, following a 0.6% increase in July, as manufactured product prices rebounded seasonally after the summer sales, while energy and food prices also increased. Annual core inflation also eased to 1.1% from 1.3%. Meanwhile, the EU-harmonised annual inflation rate accelerated to 2.6% from 2.4%, while monthly HICP inflation rose to 0.7% from 0.6%.