FX.co ★ France’s Underlying Inflation Rises to 2.1% in July, Up from 1.7%

France’s inflation excluding tobacco accelerated in July on a year-over-year basis, edging higher to 2.10% from 1.70% previously, according to data updated on 14 August 2026.

The figure, measured on a Year-over-Year basis, compares price changes in July 2026 with those in July 2025. The previous reading, also based on a Year-over-Year comparison, showed a 1.70% increase, indicating that underlying price pressures have strengthened between the two latest reference periods.

While tobacco is excluded from this measure, the uptick in the ex-tobacco rate signals a broader firming in consumer prices across the French economy, and may be watched closely by policymakers and markets as they gauge the trajectory of inflation going into the second half of 2026.