Since 2023, the year-on-year variation in consumer prices in France has fallen back sharply, from +6.3% in January 2023, to +1.1% in September 2024. After a phase of near stability in the autumn, it rebounded to +1.7% in January 2025, due to the increase in doctors’ consultation fees at the end of December 2024 and the rise in oil prices. In February 2025, inflation fell sharply to +0.8% : this is the first time since February 2021 that it has been below 1%. This new drop in inflation is mainly due to energy prices: notably, the year-on-year variation in electricity prices went from +9.3% in January, as it still included the tariff increase from February 2024, to -12.6% in February, following the reduction in the sales tariff introduced in February 2025; at present, the price of electricity is still 35% higher than its 2019 average. Regarding the consumer price of gas, it currently exceeds the level reached in 2022 at the peak of the surge in market prices...