{"id":2187,"date":"2017-03-13T15:43:08","date_gmt":"2017-03-13T15:43:08","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=2187"},"modified":"2017-03-24T17:45:27","modified_gmt":"2017-03-24T17:45:27","slug":"quel-ipc","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/","title":{"rendered":"QueL IPC ?"},"content":{"rendered":"

Au Royaume-Uni, \u00e0 compter du mois prochain, l\u2019indicateur officiel des prix \u00e0 la consommation deviendra l\u2019IPCL, le \u00ab\u00a0L\u00a0\u00bb signifiant logement. \u00a0Pour l\u2019instant, la seule diff\u00e9rence avec l\u2019IPC est que l\u2019IPCL prend en compte les logements occup\u00e9s par leur propri\u00e9taire, sur la base d’une \u00e9quivalence locative (\u00ab\u00a0quel serait le montant du loyer du logement que je poss\u00e8de\u00a0?\u00a0\u00bb, une mesure similaire \u00e0 la composante de l\u2019\u00e9quivalent loyer des propri\u00e9taires de l\u2019IPC des \u00c9tats-Unis), dont la pond\u00e9ration est d\u2019environ 16\u00a0%. Aussi, lorsque la hausse des loyers est inf\u00e9rieure au niveau de l\u2019inflation (comme ce fut le cas en 2009 et 2010), l\u2019IPCL aura tendance \u00e0 \u00eatre inf\u00e9rieure \u00e0 l\u2019IPC, et vice versa. R\u00e9cemment, compte tenu de la pond\u00e9ration sup\u00e9rieure des composantes r\u00e9siduelles (c\u2019est-\u00e0-dire non li\u00e9s aux loyers) de l\u2019IPC, la baisse des prix des produits alimentaires et de l\u2019\u00e9nergie a eu un impact plus important sur l\u2019IPC que sur l\u2019IPCL. \u00a0Il est cependant int\u00e9ressant de noter qu\u2019historiquement, l\u2019IPCL s\u2019est \u00e9tabli en moyenne environ 0,15\u00a0% en-dessous de l\u2019IPC.<\/p>\n

\"\"<\/a><\/p>\n

Les diff\u00e9rentes dynamiques \u00e0 court et long terme des deux indices ont des cons\u00e9quences politiques int\u00e9ressantes. \u00c9tant donn\u00e9 que l\u2019IPCL est d\u00e9sormais l\u2019indicateur privil\u00e9gi\u00e9 de la hausse des prix \u00e0 la consommation, il pourrait \u00e0 l\u2019avenir avoir des cons\u00e9quences pour la mission de la Banque d\u2019Angleterre concernant la stabilit\u00e9 des prix (m\u00eame s\u2019il ne devient pas n\u00e9cessairement son objectif, le ministre des Finances pourrait modifier cela), ainsi que pour le mode d\u2019indexation des retraites et des prestations vers\u00e9es par l\u2019\u00c9tat et, potentiellement, pour les \u00e9missions de Gilts index\u00e9s sur l\u2019IPCL. Il faut se souvenir que lors de la concertation de 2011 sur les Gilts index\u00e9s sur l\u2019IPC, l\u2019une des principales objections \u00e0 l\u2019acceptation d\u2019un tel programme reposait sur l\u2019incertitude quant \u00e0 la pertinence de l\u2019IPC compte tenu de l\u2019absence d’une composante logement dans l\u2019indice. L\u2019IPD, l\u2019indice sur lequel se basent les Gilts index\u00e9s sur l\u2019inflation pour verser des int\u00e9r\u00eats, tient compte d\u2019une mesure du co\u00fbt du logement (via un \u00e9l\u00e9ment de d\u00e9pr\u00e9ciation et le paiement d\u2019int\u00e9r\u00eats hypoth\u00e9caires).<\/p>\n

\u00c0 long terme, \u00e9tant donn\u00e9 que l\u2019IPCL devrait \u00eatre inf\u00e9rieur d\u2019environ 0,15\u00a0% \u00e0 l\u2019IPC, on peut imaginer que le taux d\u2019inflation (IPCL) au Royaume-Uni sera encore inf\u00e9rieur \u00e0 l\u2019objectif de 2\u00a0% souhait\u00e9 par la BoE (il est peu probable, mais pas impossible, que l\u2019objectif d\u2019inflation soit ramen\u00e9 de 2\u00a0% \u00e0 1,85\u00a0% afin de refl\u00e9ter l\u2019\u00e9cart type entre les deux mesures). Cela pourrait permettre de maintenir les taux d\u2019int\u00e9r\u00eat au plus bas pendant une p\u00e9riode prolong\u00e9e, ou de justifier un nouveau cycle d\u2019assouplissement quantitatif. \u00a0Une lecture plus s\u00e9v\u00e8re pourrait attirer l\u2019attention sur la p\u00e9nurie de logements au Royaume-Uni et sur les tensions actuelles au sein du march\u00e9 locatif, qui exercent des pressions \u00e0 la hausse persistantes sur l\u2019IPCL. Pour autant, ce qui est sans doute surprenant compte tenu de la couverture m\u00e9diatique des probl\u00e8mes rencontr\u00e9s par la \u00ab\u00a0g\u00e9n\u00e9ration des locataires\u00a0\u00bb, l\u2019indice de r\u00e9f\u00e9rence officiel des loyers a chut\u00e9 \u00e0 la fin de l\u2019ann\u00e9e 2016, pour atteindre son plus bas niveau depuis sa premi\u00e8re publication en 1997, soit une croissance en ann\u00e9e glissante de seulement 1\u00a0%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Au Royaume-Uni, \u00e0 compter du mois prochain, l\u2019indicateur officiel des prix \u00e0 la consommation deviendra l\u2019IPCL, le \u00ab\u00a0L\u00a0\u00bb signifiant logement. \u00a0Pour l\u2019instant, la seule diff\u00e9rence avec l\u2019IPC est que l\u2019IPCL prend en compte les logements occup\u00e9s par leur propri\u00e9taire, sur la base d’une \u00e9quivalence locative (\u00ab\u00a0quel serait le montant du loyer du logement que je poss\u00e8de\u00a0?\u00a0\u00bb, une mesure similaire \u00e0 la composante de l\u2019\u00e9quivalent loyer des propri\u00e9taires de l\u2019IPC des \u00c9tats-Unis), dont la pond\u00e9ration est d\u2019environ 16\u00a0%. Aussi, lorsque la hausse des loyers est inf\u00e9rieure…<\/p>\n","protected":false},"author":7,"featured_media":2217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27,28],"tags":[80,196,192],"class_list":["post-2187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indices","category-inflation","tag-ipc","tag-la-banque-dangleterre","tag-marche-du-logement"],"acf":[],"yoast_head":"\nQueL IPC ? - Francais<\/title>\n<meta name=\"description\" content=\"Au Royaume-Uni, \u00e0 compter du mois prochain, l\u2019indicateur officiel des prix \u00e0 la consommation deviendra l\u2019IPCL, le \u00ab\u00a0L\u00a0\u00bb signifiant logement. \u00a0Pour\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ben Lord\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/\"},\"author\":{\"name\":\"Ben Lord\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/c4eecb682f956ed5d137f38e9a3137c1\"},\"headline\":\"QueL IPC ?\",\"datePublished\":\"2017-03-13T15:43:08+00:00\",\"dateModified\":\"2017-03-24T17:45:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/\"},\"wordCount\":590,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/CPIH-FR.png\",\"keywords\":[\"IPC\",\"la Banque d\u2019Angleterre\",\"march\u00e9 du logement\"],\"articleSection\":[\"indices\",\"inflation\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/\",\"name\":\"QueL IPC ? - Francais\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/CPIH-FR.png\",\"datePublished\":\"2017-03-13T15:43:08+00:00\",\"dateModified\":\"2017-03-24T17:45:27+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/c4eecb682f956ed5d137f38e9a3137c1\"},\"description\":\"Au Royaume-Uni, \u00e0 compter du mois prochain, l\u2019indicateur officiel des prix \u00e0 la consommation deviendra l\u2019IPCL, le \u00ab\u00a0L\u00a0\u00bb signifiant logement. \u00a0Pour\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#primaryimage\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/CPIH-FR.png\",\"contentUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/CPIH-FR.png\",\"width\":960,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2017\\\/03\\\/quel-ipc\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"QueL IPC ?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\",\"name\":\"Francais\",\"description\":\"M&G\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/c4eecb682f956ed5d137f38e9a3137c1\",\"name\":\"Ben Lord\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ae49b7b375d8db374c66cb0562a292304e64de9f1a05bb7c893c987f4f154110?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ae49b7b375d8db374c66cb0562a292304e64de9f1a05bb7c893c987f4f154110?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ae49b7b375d8db374c66cb0562a292304e64de9f1a05bb7c893c987f4f154110?s=96&d=mm&r=g\",\"caption\":\"Ben Lord\"},\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/author\\\/benlord\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"QueL IPC ? - Francais","description":"Au Royaume-Uni, \u00e0 compter du mois prochain, l\u2019indicateur officiel des prix \u00e0 la consommation deviendra l\u2019IPCL, le \u00ab\u00a0L\u00a0\u00bb signifiant logement. \u00a0Pour","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/","twitter_misc":{"Written by":"Ben Lord","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#article","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/"},"author":{"name":"Ben Lord","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/c4eecb682f956ed5d137f38e9a3137c1"},"headline":"QueL IPC ?","datePublished":"2017-03-13T15:43:08+00:00","dateModified":"2017-03-24T17:45:27+00:00","mainEntityOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/"},"wordCount":590,"commentCount":0,"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/CPIH-FR.png","keywords":["IPC","la Banque d\u2019Angleterre","march\u00e9 du logement"],"articleSection":["indices","inflation"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/","url":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/","name":"QueL IPC ? - Francais","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#primaryimage"},"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/CPIH-FR.png","datePublished":"2017-03-13T15:43:08+00:00","dateModified":"2017-03-24T17:45:27+00:00","author":{"@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/c4eecb682f956ed5d137f38e9a3137c1"},"description":"Au Royaume-Uni, \u00e0 compter du mois prochain, l\u2019indicateur officiel des prix \u00e0 la consommation deviendra l\u2019IPCL, le \u00ab\u00a0L\u00a0\u00bb signifiant logement. \u00a0Pour","breadcrumb":{"@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#primaryimage","url":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/CPIH-FR.png","contentUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/CPIH-FR.png","width":960,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/bondvigilantes.com\/francais\/2017\/03\/quel-ipc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/bondvigilantes.com\/francais\/"},{"@type":"ListItem","position":2,"name":"QueL IPC ?"}]},{"@type":"WebSite","@id":"https:\/\/bondvigilantes.com\/francais\/#website","url":"https:\/\/bondvigilantes.com\/francais\/","name":"Francais","description":"M&G","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bondvigilantes.com\/francais\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/c4eecb682f956ed5d137f38e9a3137c1","name":"Ben Lord","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/ae49b7b375d8db374c66cb0562a292304e64de9f1a05bb7c893c987f4f154110?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ae49b7b375d8db374c66cb0562a292304e64de9f1a05bb7c893c987f4f154110?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ae49b7b375d8db374c66cb0562a292304e64de9f1a05bb7c893c987f4f154110?s=96&d=mm&r=g","caption":"Ben Lord"},"url":"https:\/\/bondvigilantes.com\/francais\/author\/benlord\/"}]}},"_links":{"self":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/2187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/comments?post=2187"}],"version-history":[{"count":0,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/2187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media\/2217"}],"wp:attachment":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media?parent=2187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/categories?post=2187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/tags?post=2187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}