Labour market: activity and unemployment rateSluggishness in the labour market. In Q4 2025, the urban unemployment rate stabilised at 5.1%, but the average number of hours worked did not increase, and growth in real disposable income per capita slowed; it reached +5.0% in 2025, compared to an annual average of +6.7% in 2015–2019. Labour market conditions remain weaker than in the pre-COVID years, due, in particular, to more moderate growth in services production (+5.5% in real terms in 2025, vs. +7.8% on average in 2015–2019). The recovery in services remains fragile, and growth in this sector slowed again in Q4 (+4.6% y/y, after +5.7% in Q3).
Inflation and monetary policySlight reduction in deflationary pressures. CPI inflation rose from -0.2% y/y in Q3 to +0.6% in Q4, driven by core inflation (+1.2% y/y in Q4) and higher food prices (after nine months of decline). The fall in producer prices slowed slightly (-2.1% y/y in Q4, vs. -2.9% in Q3). Deflationary pressures could continue to ease slightly in the short term, particularly as a result of anti-involution measures.
