French Inflation Rebounds In February But Remains Contained

2026-02-27 06:20:00 ET

By Charlotte de Montpellier , Senior Economist, France and Switzerland

Inflation rises, but solely due to energy

As expected, French inflation increased in February, reaching 1.0% (1.1% for the harmonised index), up from 0.3% in January (0.4% harmonised). Although the figures are slightly higher than the consensus forecast, this rise was expected on our side: it is mainly explained by less favourable base effects. In February 2025, regulated gas tariffs had been cut by 15% following a government decision. That decrease has now dropped out of the price index calculation, as regulated gas tariffs have since remained stable. This mechanically contributes to the rise in the inflation rate. In addition, energy prices on global markets have edged up slightly. Overall, energy inflation is now down only 3% year-on-year, compared with a 7.6% fall in January....

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