2023-09-23 13:03:25
The current rise in oil prices does not call into question the general trend of a slowdown in inflation, said Saturday the governor of the Bank of France, François Villeroy de Galhau, while saying he was “attentive” to their variation .
“Oil variations do not call into question disinflation”
« We are obviously attentive » to this theme, underlined François Villeroy de Galhau de Galhau on France Inter, who put into perspective the general effect on inflation of the increase in fuel prices.
« Oil variations (…) do not call into question, in our view, the underlying trend towards disinflation. Our forecast and our commitment is to bring inflation back to 2% by 2025 “, he said, recalling the objective of the European Central Bank (ECB).
According to forecasts from the Banque de France, following reaching its peak at the start of 2023, total inflation should continue to decline to settle at 4.5% over one year in France in the fourth quarter of 2023, before returning to around 2 % in 2025.
Price of gasoline at the pump
«The price of oil and the price of gasoline at the pump are obviously very sensitive, but that is not total inflation. Gasoline consumption at the pump represents approximately 5% of our total consumption. So it’s a small part of total inflation, even if it’s what is seen the most », added the governor of the institution.
«When we compare to the beginning of 2022, with the invasion of Ukraine, at the time we had a generalized shock on all energy, including gas (…) Today we don’t see that “, he emphasizes.
Fuel prices have risen sharply in recent weeks in France, and are now flirting with or exceeding the symbolic bar of two euros per liter.
In response, the French government will authorize distributors to sell fuel at a loss (at a price lower than that at which they purchased it) from December, on a temporary basis.
Hearing in Parliament on Wednesday, the leaders of major brands such as Leclerc, Carrefour, Intermarché and Système U, however, refused this measure outright.
On world markets, the price of a barrel of Brent from the North Sea exceeded $93 on Friday.
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