LEP: Towards a new drop in its rate on August 1, 2025

With inflation fell to 0.8% in March, the remuneration of the Popular Savings Booklet (LEP) will further drop this summer. But how far?

The reflux of inflation continues month after month. According to the provisional data published this Friday, March 28 by INSEE, consumer prices increased by only 0.8% over a year in March 2025, after 0.7% in February and 1.6% in January. Unpublished levels for four years: it is necessary to go back to February 2021 to find inflation less than 1% in annual sliding. It is therefore a relief for the purchasing power of households … but bad news for the yield of certain savings products partially or fully indexed on the rise in prices.

The popular savings book (LEP), for example, reserved for the most modest taxpayers, sees its rate revised twice a year, on February 1 and August 1, according to a simple formula: it is strictly indexed on the average inflation outside tobacco over the previous six months. For the revision of August 1, 2025, which will be acted in mid-July, it is therefore inflation between January and June that will be taken into account. However, between January and March, the average monthly inflation is 1.03%. Online with INSEE and Banque de France forecasts which expect inflation close to 1% next June. Also, if this trend continues throughout the semester, the theoretical rate of LEP could fall around 1% this summer, against 3.5% currently. Or a Brutal fall of 2.5 points For its 12.5 million holders!

The LEP rate could be maintained above 2%

But this floor rate, from the strict application of the formula, may not apply as is. Two safeguards exist. The first is regulatory: a decree of January 27, 2021 requires that the LEP rate is higher than 0.5 points to that of booklet A. However, the latter could stand out at 1.7% on August 1, which would lead to a LEP rate finally maintained at 2.2%. In addition, the Banque de France and the Ministry of Economy can agree on a rate higher than that calculated, as was the case in the last four revisions. On February 1, the drop in the LEP rate was for example contained, with a yield preserved at 3.5%, while the strict application of the formula should have dropped it to 2.9%.

>> Our service – save money by testing our comparator of savings booklets