France’s inflation excluding tobacco accelerated sharply in February 2026, rising to 0.90% year-over-year from 0.30% in January, according to data updated on 13 March 2026. The figure reflects underlying price dynamics by stripping out tobacco, offering a clearer view of core consumer cost pressures.
The latest reading means the annual change in prices for February 2026 was notably higher than in February 2025, and that underlying inflation picked up markedly compared with January’s year-over-year reading. The January 2026 figure, at 0.30%, had suggested relatively subdued price momentum, but February’s move to 0.90% points to a firmer inflation trend as the year progresses.
Investors and policymakers will be watching upcoming data closely to determine whether February’s increase marks the start of a sustained upward shift in underlying inflation or a short-term fluctuation. The ex-tobacco measure is often monitored as a gauge of broader pricing pressures that can influence expectations for monetary and fiscal policy in France.