France’s annual inflation rate held steady at 0.9% in November 2025, unchanged from October and below the 1% forecast, according to preliminary estimates. There was a slowdown in service prices (2.2% vs 2.4%), mainly due to lower communication service costs, as well as a sharper decline in manufactured goods prices (-0.6% vs -0.5%). These effects were partially offset by a smaller drop in energy prices (-4.6% vs -5.6%) and a slight acceleration in food inflation (1.4% vs 1.3%). Tobacco prices are expected to increase by 4.1%, the same rate as in October. On a monthly basis, the CPI fell by 0.1%, after a 0.1% rise in October, mainly due to lower service prices, particularly in transportation and communication, and, to a lesser extent, lower manufactured goods prices. Meanwhile, the EU-harmonised CPI rose 0.87% year-on-year, matching October’s rate and remaining below the 1% forecast. It decreased by 0.2% from the previous month, following a 0.1% increase in October.