Economy Minister Bruno Le Maire said on France 5 on Wednesday that “we should not expect an improvement on the inflation front before the start of 2023”.
If he anticipates the difficult weeks to come, with inflation still at its highest, the tenant of Bercy slips a note of optimism: “we do not have a scenario on the table today that forecasts double-digit inflation in France”, added the Minister while consumer prices rose 6.1% year on year in Julyaccording to INSEE.
In the UK, inflation is at 10.1% and is expected to rise to over 18% in 2023, according to Citi Bank. In France, “in the weeks and months to come, until the end of 2022, we will continue to have very high prices. Then at the beginning of 2023, at least that’s what we expect, in the first quarter 2023we should begin to see lower prices and inflation. It will be done gradually, ”said Bruno Le Maire.
France would still have reached its “peak inflation”
In a daily interview South West published on Sunday, the minister had declared that France was “at the peak of inflation”. Consequently, ” now is the time to help the French the most Before targeting aid “On those who need it most” from 2023, he explained.
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Regarding risk of recession in the euro zone, Bruno Le Maire estimated on France 5 that “everything will depend on Vladimir Putin’s decisions on gas. If he ever decides to cut the gas for the EU and the euro zone, we assess the impact on growth, for France alone, at half a point of GDP, and probably more for other more dependent economies. Russian gas than us”. “It is on the issue of Russian gas that part of the growth in Europe will be played out in the coming months”, according to the minister. Growth in the euro zone was 0.6% in the second quarter compared to the previous quarter, and 0.5% in France. But private sector activity contracted in August in the euro zone, and also in France, although less sharply, according to the PMI indices published on Tuesday by S&P Global.
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