FX.co ★ French HICP Turns Negative in June, Signaling Fresh Deflationary Pressures

France’s Harmonised Index of Consumer Prices (HICP) slipped into negative territory in June 2026, underscoring renewed disinflationary momentum in the euro area’s second-largest economy.

Month-over-month, the French HICP fell by **0.3% in June 2026**, a sharp reversal from the **0.1% increase recorded in May 2026**. The data, updated on **30 June 2026**, show that price pressures weakened on a short-term basis, with the current reading comparing the change in June to May, and the previous figure reflecting the change in May versus April.

The negative month-on-month print will likely draw attention from policymakers and market participants monitoring the strength and durability of price growth in France and across the eurozone, particularly as the trajectory of inflation remains central to expectations for monetary and financial conditions.