To display this YouTube content, it is necessary to authorize audience measurement and advertising cookies.

An extension in your browser appears to be blocking the loading of the video player. To be able to watch this content, you must disable or uninstall it.

Published on: 02/18/2026 - 11:06 Modified on: 02/18/2026 - 11:10

With only +0.3% year-on-year in January, French inflation is almost zero. A stark contrast to the 2022-2023 surge. Reflux of energy, cheaper imports, effect of rates: the reasons for a clear slowdown.

L’inflation est presque à l’arrêt en France. En janvier, les prix à la consommation n’ont progressé que de 0,3 % sur un an, selon l’INSEE. Ils ont même légèrement reculé par rapport à décembre. A spectacular turnaround if we remember the end of 2022 and the year 2023, when inflation exceeded 6%, a record for almost forty years.

Energy, the main factor in reflux

The outbreak initially came from the energy shock linked to the war in Ukraine. Le prix du gaz européen avait été multiplié par dix. The liter of unleaded exceeded two euros. Aujourd’hui, les prix de l’énergie reculent de 7,6 % sur un an. A full tank of gasoline costs on average around twenty euros less than at the peak of the crisis.

Manufactured products are also participating in the slowdown, driven by low-cost imports and a stronger euro. Rate hikes from the European Central Bank also dampened demand. Food, on the other hand, continues to increase by 1.9% over one year – far from the 15% increases recorded in 2023.

If this lull relieves purchasing power, it also poses a macroeconomic question: inflation that is too low can weigh on growth and complicate the task of the European Central Bank, whose objective remains set at 2% for the entire euro zone.

Related keywords

The content you are trying to access does not exist or is no longer available.