In Q1 2023, household gross disposable income (GDI) slowed (+1.6% in constant euros after +3.3%), due mainly to the smaller payouts under the value sharing bonus (PPV) scheme after some particularly dynamic amounts at the end of 2022. Given also the acceleration in consumer prices (+2.0% after +1.9%), the purchasing power of GDI fell back this quarter (-0.4%, or -0.6% per consumption unit). This decline follows on from two quarters when there was a significant increase in purchasing power, sustained by measures put in place in summer 2022 (introduction of the PPV, review of the index point of civil service personnel, anticipated review of pensions and benefits, etc.)...