FX.co ★ French HICP Rebounds in February, Breaking Out of January Deflation

France’s Harmonised Index of Consumer Prices (HICP) moved back into positive territory in February 2026, signaling a notable shift in short‑term inflation dynamics. On a month-over-month basis, the HICP rose by 0.4% in February, reversing the 0.4% decline recorded in January 2026.

The data, updated on 27 February 2026, show that the French price environment strengthened after a brief period of negative monthly inflation at the start of the year. The month-over-month comparison indicates that, while January had seen consumer prices fall compared with December, February’s reading points to renewed upward pressure on prices relative to January.

This turnaround in the French HICP will be closely watched by market participants and policymakers as they assess whether February’s positive print marks the beginning of a more sustained inflationary trend or a temporary correction following January’s weakness.