FX.co ★ France’s Ex-Tobacco Inflation Cools Sharply to 0.3% in January 2026

France’s inflation rate excluding tobacco eased markedly in January 2026, with the year-over-year indicator slowing to 0.30%, down from 0.70% in December 2025. The latest reading, updated on 18 February 2026, underscores a continued moderation in underlying price pressures at the start of the year.

Both the current and previous figures are calculated on a year-over-year basis, meaning January 2026 inflation is compared to January 2025, while the December 2025 reading is measured against December 2024. The deceleration suggests that price growth in France, once tobacco is stripped out, is losing momentum, which may influence expectations around consumer spending and monetary policy discussions in the months ahead.