According to the report from INSEE, in January 2020, the Consumer Prices Index (CPI) fell back by 0.4% over a month, after +0.4% in December. Manufactured product prices dropped seasonally, due to winter sales (−2,2% after +0.2%) and those in food (+0.4% after +0.6%) and energy (+0.5% after +0.8%) slowed down. Service prices were unchanged over a month, after a 0.5% rise in December. Moreover, tobacco prices barely increased over a month (+0.1% after a stability in December).

Seasonally adjusted, consumer prices rose by 0.3% in January, after +0.2% in December.

Year on year, consumer prices increased by 1.5%, as in December. This stability in inflation came from a slowdown in the prices of services, food and tobacco, offset by an acceleration in those of energy. Manufactured product prices dropped at the same pace as in December.

Year on year, core inflation barely decreased in January: +1.0% after +1.1% in the previous month. The Harmonised Index of Consumer Prices (HICP) fell by 0.5% over a month, after +0.5% in December; year on year, it slightly accelerated, to +1.7%, after +1.6% in the previous month.