FX.co ★ French HICP Inflation Nearly Stalls in May, Slowing Sharply to 0.1% MoM

France’s Harmonised Index of Consumer Prices (HICP) nearly flatlined in May, with month-over-month growth slipping to 0.1%, down sharply from 1.2% in the previous month. The data, updated on 12 June 2026, signal a pronounced cooling in short-term price pressures compared with earlier in the spring.

Both the previous and current readings relate to May 2026 but capture changes versus different reference months. The earlier 1.2% figure reflected a strong acceleration in prices compared with the prior month, while the latest 0.1% print shows that momentum has faded markedly on a month-over-month basis. This deceleration in HICP could ease immediate inflation concerns and may influence market expectations around the European Central Bank’s future policy stance toward the euro area, where France is a key constituent.