In 2023, inflation declined in the main European economies. The contribution of energy products to inflation fell markedly, with the scale of the reduction reflecting prices on the energy markets. Also relevant are the specific features of national pricing methods, the mix of energies in the average consumer basket, and price limitation measures that have now expired or ended but which will affect year-on-year price variations (“base effects”). Consumer prices of food products also continue to slow, following the slowing momentum in agricultural prices and producer prices in the agrifood industries. Inflation excluding energy and food products has also shown signs of moderation in recent months, although it remains more buoyed up than headline inflation. All in all, compared to its main partners, France has experienced a “smoother” change in inflation over the last few years, and the cumulative price increase since 2019 appears to be somewhat lower at this stage, as does growth in average wage per capita. In fact, the tariff shield on electricity and gas prices helped significantly to mitigate the increase in year-on-year variation in France in 2022 and 2023...