Year-on-year change in consumer prices in France has fallen back sharply over the past two years, from over 6% at the start of 2023 to less than 1% since February 2025. Inflation stood at +0.7% year on year in May. As in all the advanced economies, the drop in the price of oil per barrel has contributed to the decline in the prices of oil products (-9.7% year on year in May). However, inflation is now significantly lower in France than in other European countries. Wages in France have been less buoyant, holding back prices of services. The timing of the setting of administered electricity prices led to a sharp fall starting in February 2025, and competition between operators has caused telecommunication prices to plummet (-15.5% year on year in May). Food inflation, which had been below 1% since the summer of 2024, has nevertheless begun to rise since the start of 2025, and stood at +1.3% year on year in May, driven by the introduction in March of the tax on sugar-sweetened beverages in the financial laws for 2025, and by the passing on of the recent surge in tropical commodity prices to consumer prices...