France’s inflation rate excluding tobacco edged higher in May 2026, interrupting the gentle disinflation seen earlier in the year. The year-over-year indicator rose to 2.40% in May, up from 2.20% in April 2026, according to data updated on 12 June 2026.
The figures are calculated on a year-over-year basis, meaning May’s reading compares price levels excluding tobacco with those of May a year earlier, while April’s figure compared prices with April of the prior year. The uptick suggests that underlying price pressures, stripped of tobacco-related volatility, have firmed slightly, and may temper expectations for a rapid return to lower inflation in the French economy.
For policymakers and markets, the shift from 2.20% to 2.40% in just one month will be watched closely as they assess whether this is a temporary fluctuation or an early sign that disinflation momentum is losing strength.