In February, in a context where high energy bills still prevail, the industrial companies interviewed for the business tendency surveys continue to give priority to increasing their selling prices, but they also plan to make investments to protect themselves against this eventuality. The expected decline in activity aff ects mainly energy-intensive companies or those exposed to larger energy price increases. There are slightly fewer companies saying that they plan to reduce their production in the next three months than there are saying they have already done so in the last three months...