In Q4 2021, household gross disposable income (GDI) increased substantially (+1.6% after +0.8% in Q3). Payment of the “inflation allowance” (representing about 1 point of quarterly GDI) resulted in social benefits rebounding significantly (+2.4% after –2.6%). In addition, taxes and social contributions were virtually stable: social contributions and income tax increased in the wake of increased earned income, but this rise was offset by the continuing reform of housing tax relief (first reduction for the 20% most well-off households). As a result of the buoyancy of household GDI, purchasing power per consumption unit rebounded in Q4 (+0.7%)...