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In November, inflation fell for the first time in 17 months in the euro zone

by archyde November 30, 2022

France is among the nations least affected by soaring prices, according to Eurostat.

With the holidays approaching, will soaring prices finally begin to ebb? In its latest publication on inflation, this Wednesday, Eurostat indicates that the inflation rate in the euro zone fell to 10% in November. A level in sharp decline compared to the record of 10.6% reached in October. It is, moreover, the first decline since… seventeen months, and the month of June 2021.

In detail, inflation reached 1.9% at the time. A rate which then rose steadily, until it exceeded the 5% mark in January 2022. The war in Ukraine then led to a rapid surge in prices, bringing the rate from 5.9% to 7.4% between February and March. The start of the new school year and the approach of winter then again drove prices to peaks, and the rate approached and then exceeded 10% between September and November.

The fall in inflation in November is mainly explained by the decline in energy prices, which, over one year, increased by 34.9%, against 41.5% in October over the same period. Bills for food, alcohol and tobacco, on the contrary, continued to swell, reaching 13.6% over twelve months in November, against 13.1% a month earlier. Inflation for industrial goods was stable, at 6.1%, and that for services was down slightly, at 4.2%, specifies the statistical service of the European Commission.

Unsurprisingly, within the member countries of the euro zone, the inflation rate varies greatly, from one to two. In November, it exceeded the 20% mark over one year in the three Baltic countries – the record being reached in Latvia, with 21.7% – and it remains above 10% in eight other countries. France is one of the least affected nations, according to Eurostat, ahead of Spain, however.

In France, in November, INSEE estimated the inflation rate at 6.2%. This month, the price increase food prices accelerated compared to October (+12.2% over one year compared to 12% in October) while energy prices slowed their progression (18.5% compared to 19.1%) .

SEE ALSO – Inflation: “There are a lot of signs of concern”, in companies, says Geoffroy Roux de Bézieux

November 30, 2022 0 comment

Economy

The compulsory control of the state of the boilers will also have to verify the existence of a thermostat

by archyde November 28, 2022

The Ministry of Ecological Transition specifies that this device “concerns all boilers whether individual, collective or company, and whatever the energy used”.

Mandatory control of the state of the boiler in a dwelling or buildings must now check the existence of a thermostat and its proper functioning, according to a decree published in the Official Journal as part of the government’s energy saving plan. This provision “concerns all boilers whether individual, collective or company, and regardless of the energy used“, Specifies the Ministry of Ecological Transition, whose text published on Friday supplements four existing decrees. This also applies to heat pumps and air conditioning systems.

The professional in charge of the control mustcheck if there is a thermostat or not, if it works well or not, and also see if the heating or cooling networks are well insulated“, according to the same source. Heating equipment that is poorly maintained or not overhauled in its entirety leads to overconsumption which can be significant, in the order of 8% to 12%, according to the ministry. For example, good maintenance of the boiler and the installation of a controllable and automated regulation system, a set of offices of 1000 m2 can achieve up to 20% reduction in consumption and 5000 euros in savings. , according to a case presented on October 6 when the government launched its energy sobriety plan.

SEE ALSO – According to the energy policeman, “there is no reason for us to have difficulties with gas this winter”

The decree of November 21, 2022 “relating to the inspection and maintenance of boilers and thermodynamic systems” further provides that in the long term, office buildings or “tertiary buildings» will all have to have a building management system, in other words a system that automatically controls ventilation, temperatures and lighting. This will be mandatory on January 1, 2025 for buildings with a heating power greater than 290 kW, then from the threshold of 70 kW on January 1, 2027.

November 28, 2022 0 comment

Economy

“The fall of cryptocurrencies, an exact replica of Law’s bankruptcy, 1720”

by archyde November 27, 2022

How cryptocurrencies work is as difficult to describe as quantum mechanics. Wit – stock.adobe.com

CHRONICLE – Revolutionary financial innovations conducive to scandals.

All schoolchildren in France and Navarre know, at least by name, John Law. You have to pronounce “Lass” insisted our teachers, because that’s what the French called it three centuries ago. This economist and banker fromScotland remained in the annals for having tried to introduce in France a system of paper money instead of precious metals, or and money. Such a revolution has nothing to envy to our staggering cryptocurrencies. What, it was hoped, would break the double curse from which the country suffered, monetary crisis (insufficient liquidity) and financial crisis (gigantic public debt at the death of Louis XIV in 1715). The project launched under the Regency of Philippe d’Orléans unfortunately failed, ending in 1720 with Law’s Bankruptcytitle of the cult book by Edgar Faure, emblematic minister of the IV^e et of the V^e Republic.

The latter nevertheless considers John Law as “the founder of the monetary economy, the most original minister in French history

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November 27, 2022 0 comment

Economy

How real estate purchases have become the new target of hackers

by archyde November 26, 2022

Par Jorge Carasso

Published
yesterday at 8:01 p.m., Update yesterday at 8:40 p.m.

Vigilance is more important than ever, even if the vast majority of the 1.2 million real estate transactions and other operations are going smoothly. Sergey Nivens – stock.adobe.com

DECRYPTION – Since the pandemic, dematerialized exchanges have opened up breaches to hackers. Fake RIB scams have been multiplying for several months.

“There is a problem with your bank details.” When Caroline received this email from her notary, she was not immediately suspicious. It had been months that she exchanged regularly by e-mail for the purchase of a two-piece. The signing had just taken place. Only notary fees (7% to 8% of the purchase price, consisting mostly of taxes) remained to be paid. It took little for this Parisian to transfer the money to the account that was then offered to her in the RIB. Which was none other than that of the crook. Only the approximate wording of the email put him on the alert. “My notary has impeccable French, remembers Caroline. I ended up telling myself that it couldn’t be her. I called my banker. She confirmed to me that it was an attempted scam.

This case is not isolated. Notarial offices have been victims of cyberattacks for months. “These scam attempts have been increasing in frequency over the past year or…

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November 26, 2022 0 comment

Economy

the worst is yet to come next year

by archyde November 25, 2022

The President of the European Central Bank, in Frankfurt, Germany, on October 27. WOLFGANG RATTAY/REUTERS

Banks have become more cautious about default risk, including rising corporate bankruptcies, which could rise above pre-pandemic levels in early 2023.

Since July, the European Central Bank has sharply raised its interest rates, which had previously been falling continuously since 2011. Its deposit rate thus rose from -0.50% to 1.50% in three months, and should probably gain at least half a point again in mid-December. This logically had repercussions on bank loan rates, as real estate buyers could see.

However, if the big European fundraisers are starting to think that the margins for continuing this increase are narrowing, given the recession that is looming, the worst is yet to come for 2023.

In fact, real rates are still negative, with inflation at more than 10% in the euro zone. “Credit dynamics remained favorable in the eurozone,” underline the economists of the insurer Allianz in a study published Friday. But this “shouldn’t last very long.” “The interest rate shock is still ahead of us in Europe”continues the study, which predicts an increase…

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November 25, 2022 0 comment

Economy

Wages will fuel inflation for years, ECB says

by archyde November 25, 2022

The institution’s chief economist warns of a wage-price spiral, even if the increases are still marginal.

Wage growth will continue to fuel inflation in the euro zone even after the shocks linked to the Covid-19 pandemic and the war in Ukraine have passed, the chief economist of the European Central Bank estimated on Friday. “Even after the energetic and pandemic factors have disappeared“Inflationary dynamics, “rising wages will be the main driver of rising prices over the next few yearswrites Philip Lane in a blog published on the ECB website.

While inflation exceeded the 10% mark this fall in the region, the ECB fears that a wage-price spiral could set in, which could derail its scenario of a gradual return of inflation towards its 2% target. . This phenomenon, however, is not currently observed, with the latest contract negotiations having generally resulted in an average salary increase of 3.8% for 2022 and 3.5% for 2023, notes Mr. Lane.

In Germany, nearly 4 million employees in the industrial sector, in electronics and metallurgy, obtained an 8.5% wage increase over two years on Friday. These advances are certainly perceived as “above normal“but they reflect”largely the process of catching up following the decline in real wages that has occurred since mid-2021when energy and commodity prices drove up global inflation and eroded purchasing power.

In the future wages will continue to increase but this should not be interpreted as “a permanent change in the dynamics of nominal wages“, according to Philip Lane. Once the salary catch-up phase is over, “nominal wages can be expected to grow at the rate of the sum of labor productivity growth and the 2% inflation target“, he concludes.

November 25, 2022 0 comment

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