{"version":1,"asset_type":"statistical_series","data_type":"time_series","slug":"fr-hicp-price-index","url":"https://apiardata.com/statistics/fr-hicp-price-index","html_url":"https://apiardata.com/statistics/fr-hicp-price-index/","title":"France HICP Price Index (2025)","description":"France's HICP Price Index: 124.4 Index (annual average) in 2025, +0.9% YoY. Eurostat (PRC_HICP_AIND), 2005–2025.","domain":"prices","category":"Prices & Inflation","keywords":["Prices & Inflation","Eurostat","European Union","2025"],"publisher":"Eurostat","frequency":"Annual","geography":"France","temporal_coverage":"2005/2025","unit":"Index (annual average)","last_updated":"2026-04-14","last_updated_text":"14 April 2026","data_as_of":"2025","variable_measured":"France HICP Price Index","license":"https://apiardata.com/data-license","is_accessible_for_free":true,"sources":[{"name":"Eurostat","url":"https://ec.europa.eu/eurostat/databrowser/view/PRC_HICP_AIND/default/table"}],"meta":[{"label":"Frequency","value":"Annual"},{"label":"Coverage","value":"2005–2025"},{"label":"Observations","value":"21"},{"label":"Geography","value":"France"},{"label":"Last updated","value":"14 April 2026"}],"kpis":[{"label":"France (2025)","value":"124.4","unit":"Index (annual average)","trend":{"direction":"up","value":"+0.9% YoY"}},{"label":"YoY Change","value":"+0.9%","unit":"Index (annual average)"},{"label":"Trend","value":"up","unit":""},{"label":"Series length","value":"21","unit":"years of data"}],"series":[{"key":"value","label":"France HICP Price Index"}],"observation_count":21,"observations":[{"period":"2005","value":86.47},{"period":"2006","value":88.1},{"period":"2007","value":89.52},{"period":"2008","value":92.34},{"period":"2009","value":92.44},{"period":"2010","value":94.05},{"period":"2011","value":96.2},{"period":"2012","value":98.33},{"period":"2013","value":99.31},{"period":"2014","value":99.91},{"period":"2015","value":100},{"period":"2016","value":100.31},{"period":"2017","value":101.47},{"period":"2018","value":103.6},{"period":"2019","value":104.95},{"period":"2020","value":105.5},{"period":"2021","value":107.68},{"period":"2022","value":114.04},{"period":"2023","value":120.5},{"period":"2024","value":123.29},{"period":"2025","value":124.43}],"table":{"columns":[{"key":"year","label":"Year"},{"key":"value","label":"Index (annual average)"},{"key":"yoyChange","label":"YoY Change"}],"rows":[{"year":"2025","value":"124.4","yoyChange":"+0.9%"},{"year":"2024","value":"123.3","yoyChange":"+2.3%"},{"year":"2023","value":"120.5","yoyChange":"+5.7%"},{"year":"2022","value":"114.0","yoyChange":"+5.9%"},{"year":"2021","value":"107.7","yoyChange":"+2.1%"},{"year":"2020","value":"105.5","yoyChange":"+0.5%"},{"year":"2019","value":"105.0","yoyChange":"+1.3%"},{"year":"2018","value":"103.6","yoyChange":"+2.1%"},{"year":"2017","value":"101.5","yoyChange":"+1.2%"},{"year":"2016","value":"100.3","yoyChange":"+0.3%"},{"year":"2015","value":"100.0","yoyChange":"+0.1%"},{"year":"2014","value":"99.9","yoyChange":"+0.6%"},{"year":"2013","value":"99.3","yoyChange":"+1.0%"},{"year":"2012","value":"98.3","yoyChange":"+2.2%"},{"year":"2011","value":"96.2","yoyChange":"+2.3%"},{"year":"2010","value":"94.0","yoyChange":"+1.7%"},{"year":"2009","value":"92.4","yoyChange":"+0.1%"},{"year":"2008","value":"92.3","yoyChange":"+3.2%"},{"year":"2007","value":"89.5","yoyChange":"+1.6%"},{"year":"2006","value":"88.1","yoyChange":"+1.9%"}]},"qa":[{"question":"What is the France HICP and how does it differ from the French national CPI?","answer":"The Harmonised Index of Consumer Prices (HICP) is Eurostat's standardised inflation measure, compiled for cross-country comparison and used by the ECB in its monetary policy framework (dataset PRC_HICP_AIND, base: 2015=100). France's national CPI (Indice des Prix à la Consommation) is published monthly by INSEE using a basket and weighting approach that differs slightly from HICP — notably in the treatment of owner-occupied housing costs and the scope of price observations. The annual HICP index typically tracks the national CPI closely, though methodological differences can produce divergences of up to 0.3 percentage points in any given year."},{"question":"Why has France had substantially lower inflation than Germany since 2022?","answer":"France's HICP inflation ran meaningfully lower than Germany's through 2022–2025, primarily because of two structural advantages. First, France's electricity generation is dominated by nuclear power (around 70% of the total), which is largely insulated from natural gas price swings — the key driver of German energy inflation. Second, the French government implemented a 'bouclier tarifaire' (energy tariff shield) in 2021–2023 that directly capped household gas and electricity price increases, dampening the pass-through of wholesale energy costs to consumers. Germany, lacking nuclear capacity post-Fukushima and heavily dependent on Russian gas before the 2022 supply cut, experienced far larger energy price shocks. By 2025, with French HICP implying approximately 0.9% annual inflation versus Germany's roughly 2.2%, France has moved from a moderate inflation environment to a near-deflationary one relative to the ECB target."},{"question":"What does near-zero French HICP inflation mean for the ECB and French bond investors?","answer":"French HICP at approximately 0.9% in 2025 is materially below the ECB's 2% symmetric target — a disinflationary signal that, combined with French GDP growth of only 0.8%, strengthens the case for ECB rate cuts. For OAT (French sovereign bond) investors, very low inflation has a two-sided effect: it supports real returns on fixed-rate bonds but also reduces the fiscal denominator effect, slowing the erosion of France's debt/GDP ratio. Inflation-linked OAT investors (OATi) should note that French HICP near 1% significantly reduces the inflation accrual on existing positions. For corporate treasurers and PE sponsors modelling French business plans, the disinflation environment means pricing power is constrained — revenue growth will need to come from volume rather than price, a meaningful change from the 2022–2023 inflationary environment."},{"question":"How does France compare with other major EU economies on the HICP index level?","answer":"France's HICP index of 124.4 in 2025 is notably lower than Germany's 131.9, reflecting cumulative differences in inflation rates since 2015. The 7.5 index-point gap indicates that price levels in France have risen less since the 2015 base than in Germany over the same period — consistent with France's lower average inflation through the 2020s, particularly the energy-crisis period where Germany experienced significantly larger price increases. Italy's HICP index sits between France and Germany. This cross-country price level divergence within the euro area has implications for competitiveness: French goods and services are becoming marginally more price-competitive relative to German equivalents when sold within the euro area."}]}