France's annual inflation rate accelerated to 2.4% in May 2026 from 2.2% in April, according to preliminary estimates. This figure was slightly below the market expectation of 2.5%. The increase marks the fourth consecutive month of rising inflation, reaching its highest level since February 2024.
The primary driver behind this acceleration was higher energy prices, which rose 16.8% in May compared to 14.3% in April, largely due to escalating gas prices amidst the war with Iran. However, petroleum product prices saw a slight decline. Prices for manufactured goods decreased by 0.6%, remaining unchanged from April, while tobacco inflation held steady at 3.2%.
Service prices continued their upward trend, increasing to 2% from 1.8% in April. Food inflation remained constant from the previous month at 1.2%. Compared to April, the Consumer Price Index (CPI) edged up 0.1% in May, following a 1% jump in April.
The EU-harmonized annual inflation rate for France also rose to 2.8% in May from 2.5% in April. Monthly harmonized CPI increased by 0.1% after a 1.2% rise in the prior month, with both figures aligning with market expectations.
