France’s annual inflation rate eased to 0.3% in January 2026, down from 0.8% in December, confirming preliminary estimates. This marked the lowest reading since December 2020, driven mainly by a sharper fall in energy prices (-7.6% vs -6.8% in December) and deeper declines in manufactured goods (-1.2% vs -0.4%). Price growth also moderated for services (1.7% vs 2.1%) and tobacco (2.7% vs 4.1%). In contrast, food price inflation accelerated to 1.9% from 1.7%, supported by higher prices for fresh vegetables, citrus fruits, and meat. Meanwhile, core inflation fell to 0.7% from 1.1%. On a monthly basis, consumer prices declined 0.3% after rising 0.1% in December, with seasonal discounts in clothing and footwear contributing to the drop. In EU-harmonised terms, inflation slowed to 0.4% year-on-year, while prices fell 0.4% month-on-month.