Mass is said for the popular savings book (LEP). After several months of generous remuneration, and a rate still set to 3.5% Since February 1, this savings product intended for modest households should see its remuneration strongly falling the August 1, 2025. In question: an inflation which was maintained at an almost floor level in the first semester.
According to final data published this Friday, July 11 by INSEE, the increase in prices excluding tobacco has not exceeded 0.9% over one year in Juneafter 0.6% in May, 0.8% in April, 0.7% in February and March, and 1.6% in January. Over the first six months of the year, the average inflation outside tobacco is thus established 0.9%against another 2.3% last year over the same period.
A LEP with a rate less than 1% on August 1?
However, the LEP rate is still equivalent to the average inflation outside tobacco over the six months preceding its revision. By applying the strict formula at the foot of the letter, the yield should therefore logically fall to 0.9% on August 1more than three times less than the current rate. An inconvenient perspective for 12.5 million LEP holders, but which will actually remain purely theoretical.
Indeed, several mechanisms prevent such a brutal fall. First, the regulations require that the LEP rate is always higher than 0.5 point to that of the booklet A. However, the rate of booklet A will not descend under 1.7% this summer. Result: the LEP rate cannot be lowered below 2.2%.
Beyond this regulatory minimum, the Banque de France and Bercy also have a certain latitude. The governor of the Banque de France, François Villeroy de Galhau, and the Minister of the Economy, Eric Lombard, could indeed decide to maintain the LEP at a higher level than that calculated. What they did during the last four revisions, including on February 1. The final decision will be initiated in the coming days, following the recommendations of the Governor of the Banque de France.
