In Q1 2025, household gross disposable income (GDI) accelerated (+0.7% adjusted for the effect of financial intermediation services indirectly measured, FISIM, after +0.3% in Q4 2024). Social benefits continued to rise at a steady pace (+1.0%) due to the indexing of basic pensions against past inflation. Earned income grew moderately (+0.4%, as in the previous quarter). Sole proprietors’ income grew as a result of the rise in doctors’ consultation fees, while salaried workers benefited from the acceleration in average wages per capita in the private sector, but employment contracted again. Meanwhile, income from wealth (adjusted for FISIM) rebounded after the increase in property tax at the end of 2024. However, income from financial property alone edged down (-2.1% excluding the effect of FISIM, after +0.4%). Interest received by households fell, due to lower returns on the Livret A savings account, while interest paid by households continued to rise, as new mortgages were taken out at higher rates than those reaching maturity. Lastly, social and tax contributions regained momentum (+1.7% after -0.1%) as a result of the upturn in income tax yields, which had been hampered in H2 2024 by adjustments linked to the indexing of the tax scale against prices. Finally, consumer prices picked up slightly at the start of the year (+0.4% after +0.2% excluding the effect of FISIM), leading, all in all, to a 0.3% increase in the purchasing power of GDI in Q1 2025, as at the end of 2024...