France’s CPI rose +0.8% YoY in December 2025 (down from 0.9% YoY in November) and increased +0.1% MoM, reflecting softer energy prices alongside firmer food inflation.

• Headline CPI slowed to +0.8% YoY (from +0.9%), with the deceleration mainly driven by a more pronounced decline in energy prices, particularly petroleum products.

• Energy prices fell -6.8% YoY (Nov: -4.6%), marking a deeper annual contraction and exerting the largest downward pressure on headline inflation.

• Food inflation accelerated to +1.7% YoY (Nov: +1.4%), led by a pickup in fresh food prices (-0.4% YoY vs -2.8% previously) and continued strength in other food products (+2.0% YoY).

• Manufactured goods prices declined -0.4% YoY, easing slightly from -0.6% in November and indicating a slower pace of deflation in this category.

• Services inflation was unchanged at +2.2% YoY, remaining the most persistent source of price pressure within the CPI basket.

• Tobacco prices rose +4.1% YoY, matching November’s pace and continuing to post one of the highest inflation rates among components.

• On a monthly basis, CPI rebounded +0.1% MoM (Nov: -0.2%), driven by a seasonal increase in services prices, especially transport, partially offset by further declines in energy and manufactured products.

• The Harmonised Index of Consumer Prices (HICP) increased +0.7% YoY (Nov: +0.8%) and rose +0.1% MoM, closely mirroring the national CPI pattern.