FX.co ★ France’s Inflation Ex-Tobacco Ticks Up to 3.4% YoY in October 2026

France’s inflation excluding tobacco accelerated in October 2026, with the year-over-year rate rising to 3.40%, up from 3.10% in September 2026. The figures, updated on 13 November 2026, point to a renewed uptick in price pressures after a more moderate pace the previous month.

Both the current and previous readings are calculated on a year-over-year basis, comparing price changes in each respective month to the same month a year earlier. The move from 3.10% to 3.40% suggests that underlying inflationary pressures, once tobacco is stripped out, gained momentum in October, potentially complicating the broader disinflation narrative policymakers had been hoping for.