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France’s Inflation Slows to 0.3% in January as Sales Pull Prices Lower

Seasonal discounts plus lower energy costs drove the drop.

Rayons de supermarché. [Mathieu Thomasset / Hans Lucas / Hans Lucas via AFP]
Une personne fait ses courses dans un supermarché de Saint-Paul (Alpes-Maritimes), le 11 août 2022.
L'inflation a ralenti en janvier dans la zone euro, s'affichant à 1,7% sur un an
Sur un an, la hausse des prix à la consommation en France demeure limitée.

Overview

  • Provisional INSEE data show consumer prices up 0.3% year over year in January after 0.8% in December, with a 0.3% monthly decline tied to clothing and footwear sales.
  • Compared with January 2025, energy prices fell 7.8% and manufactured goods dropped 1.2%, while services inflation eased to 1.8% and food inflation picked up to 1.9%.
  • France’s harmonised index (HICP), the ECB’s reference gauge, rose 0.4% year over year in January after 0.7% in December.
  • Final January figures are due on 18 February, and France has updated the CPI base year to 2025, a routine shift that does not change inflation measurement.
  • INSEE and the Banque de France project a gradual pickup toward roughly 1.5% by June, with full‑year 2026 inflation around 1.3% and below 2%.