{"id":4654,"date":"2025-05-21T09:47:36","date_gmt":"2025-05-21T07:47:36","guid":{"rendered":"https:\/\/www.commandstrategy.com\/?p=4654"},"modified":"2025-09-17T16:42:53","modified_gmt":"2025-09-17T14:42:53","slug":"inflation-menace-passagere-ou-nouveau-paradigme-economique","status":"publish","type":"post","link":"https:\/\/www.commandstrategy.com\/fr\/inflation-menace-passagere-ou-nouveau-paradigme-economique\/","title":{"rendered":"Inflation : menace passag\u00e8re ou nouveau paradigme \u00e9conomique ?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row thb_divider_position=\u00a0\u00bbbottom\u00a0\u00bb][vc_column width=\u00a0\u00bb2\/5&Prime; css=\u00a0\u00bb.vc_custom_1747669023029{margin-top: 3% !important;}\u00a0\u00bb][vc_single_image image=\u00a0\u00bb4675&Prime; img_size=\u00a0\u00bbfull\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1747735055426{margin-top: 5% !important;border-top-width: 5% !important;padding-top: 5% !important;}\u00a0\u00bb][\/vc_column][vc_column width=\u00a0\u00bb3\/5&Prime; css=\u00a0\u00bb.vc_custom_1747665436199{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1747666414526{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb]\r\n<h2><\/h2>\r\n\r\n<h2><\/h2>\r\n\r\n<h2><\/h2>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"500\" data-end=\"829\"><span style=\"font-size: 16px;\"><strong data-start=\"503\" data-end=\"518\">L\u2019inflation<\/strong>. Depuis quelques ann\u00e9es maintenant et plus pr\u00e9cis\u00e9ment depuis la crise Covid, ce mot revient sans cesse tel un leitmotiv dans les conversations au quotidien.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"500\" data-end=\"829\"><span style=\"color: #000000; font-size: 16px;\">\u201cLe prix de tel ou tel bien a encore augment\u00e9, le prix du gaz et de l\u2019\u00e9lectricit\u00e9 a encore augment\u00e9\u2026 Cela va encore affecter notre pouvoir d\u2019achat.\u201d<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"500\" data-end=\"829\"><span style=\"font-size: 16px;\">Ce mot est utilis\u00e9 souvent <strong data-start=\"861\" data-end=\"916\">sans comprendre ce qui se cache derri\u00e8re le concept<\/strong> devenu un v\u00e9ritable ph\u00e9nom\u00e8ne de soci\u00e9t\u00e9 \u00e0 travers l\u2019histoire, qui outre <strong data-start=\"990\" data-end=\"1013\">l\u2019impact \u00e9conomique<\/strong> qui le d\u00e9finit de prime abord, a un <strong data-start=\"1050\" data-end=\"1072\">impact social r\u00e9el<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1077\" data-end=\"1212\"><span style=\"font-size: 16px;\">Pour comprendre l\u2019inflation, ses <strong data-start=\"1110\" data-end=\"1120\">causes<\/strong> et ses <strong data-start=\"1128\" data-end=\"1144\">cons\u00e9quences<\/strong>, il se doit d\u2019aborder en pr\u00e9ambule quelques notions de d\u00e9finitions.<\/span><\/p>\r\n<h2><!-- \/wp:post-content --><\/h2>\r\n<!-- \/wp:paragraph -->\r\n<h2><!-- \/wp:paragraph --><\/h2>\r\n<p><!-- \/wp:paragraph --><span style=\"font-size: 16px;\"><!-- wp:list --><\/span><\/p>\r\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=\u00a0\u00bbbottom\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1747213631192{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb][vc_column css=\u00a0\u00bb.vc_custom_1747664282485{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1747756028619{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb]\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1214\" data-end=\"1494\"><span style=\"font-size: 16px;\">Le mot <strong data-start=\"1224\" data-end=\"1237\">inflation<\/strong> provient du mot latin <em data-start=\"1260\" data-end=\"1274\">\u00ab inflatio \u00bb<\/em> qui signifie <em data-start=\"1288\" data-end=\"1304\">\u00ab gonflement \u00bb<\/em> ainsi que du mot <em data-start=\"1322\" data-end=\"1335\">\u00ab inflare \u00bb<\/em> signifiant <em data-start=\"1347\" data-end=\"1359\">\u00ab enfler \u00bb<\/em> ; v\u00e9hiculant <strong data-start=\"1373\" data-end=\"1493\">l\u2019id\u00e9e subtile que l\u2019extension d\u2019une grandeur croissante avec son environnement peut causer des dommages collat\u00e9raux<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1496\" data-end=\"1687\"><span style=\"font-size: 16px;\">L\u2019origine \u00e9tymologique du mot inflation porte d\u00e9j\u00e0 en cons\u00e9quence un stigmate n\u00e9gatif.<\/span><br data-start=\"1589\" data-end=\"1592\" \/><span style=\"font-size: 16px;\">L\u2019inflation d\u00e9finit le <strong data-start=\"1615\" data-end=\"1686\">ph\u00e9nom\u00e8ne \u00e9conomique durable observ\u00e9 de hausse g\u00e9n\u00e9ralis\u00e9e des prix<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1689\" data-end=\"1779\"><span style=\"font-size: 16px;\">Outre l\u2019inflation, d\u2019autres concepts accompagnent cette th\u00e9matique \u00e9conomique \u00e0 savoir :<\/span><\/p>\r\n<ul style=\"text-align: justify;\">\r\n<li data-start=\"1782\" data-end=\"1867\"><span style=\"font-size: 16px;\"><strong data-start=\"1782\" data-end=\"1798\">la d\u00e9flation<\/strong>\u00a0: ph\u00e9nom\u00e8ne durable observ\u00e9 de <strong data-start=\"1833\" data-end=\"1864\">baisse g\u00e9n\u00e9ralis\u00e9e des prix<\/strong>,<\/span><\/li>\r\n<li data-start=\"1870\" data-end=\"2083\"><span style=\"font-size: 16px;\"><strong data-start=\"1870\" data-end=\"1889\">la d\u00e9sinflation<\/strong> : ph\u00e9nom\u00e8ne observ\u00e9 de <strong data-start=\"1916\" data-end=\"1941\">baisse de l\u2019inflation<\/strong> ou encore un <strong data-start=\"1955\" data-end=\"2007\">ralentissement de la hausse g\u00e9n\u00e9ralis\u00e9e des prix<\/strong>, autrement dit <strong data-start=\"2023\" data-end=\"2080\">les prix continuent d\u2019augmenter mais moins rapidement<\/strong>,<\/span><\/li>\r\n<li data-start=\"2086\" data-end=\"2310\"><span style=\"font-size: 16px;\"><strong data-start=\"2086\" data-end=\"2106\">l\u2019hyperinflation<\/strong> : ph\u00e9nom\u00e8ne observ\u00e9 d\u2019une <strong data-start=\"2136\" data-end=\"2230\">inflation extr\u00eamement \u00e9lev\u00e9e avec des taux d\u2019inflation impr\u00e9visibles et \u00ab incontr\u00f4lables \u00bb<\/strong> (situation notamment connue par l\u2019Allemagne en 1923 dans l\u2019entre-deux-guerres).<\/span><\/li>\r\n<\/ul>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"2312\" data-end=\"2546\"><span style=\"font-size: 16px;\">Par ailleurs, les phases c\u00e9l\u00e8bres d\u2019inflation trop \u00e9lev\u00e9e ou trop faible ont souvent d\u00e9bouch\u00e9 sur la cr\u00e9ation de termes en \u00ab flation \u00bb outre ceux d\u00e9j\u00e0 \u00e9voqu\u00e9s tels que :<\/span><br data-start=\"2481\" data-end=\"2484\" \/><span style=\"font-size: 16px;\"><strong data-start=\"2484\" data-end=\"2499\">stagflation<\/strong>, <strong data-start=\"2501\" data-end=\"2518\">shrinkflation<\/strong> ou encore <strong data-start=\"2529\" data-end=\"2545\">greedflation<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"2548\" data-end=\"2821\"><span style=\"font-size: 16px;\"><strong data-start=\"2550\" data-end=\"2622\">D\u00e8s lors, comment ce ph\u00e9nom\u00e8ne dit d\u2019inflation peut-il se produire ? <\/strong><\/span><span style=\"font-size: 16px;\">Ou autrement formul\u00e9, quelles sont les causes d\u2019une inflation constat\u00e9e et observ\u00e9e ?<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"2548\" data-end=\"2821\"><span style=\"font-size: 16px;\">L\u00e0 ou les r\u00e9ponses r\u00e9sident dans <strong data-start=\"2753\" data-end=\"2795\">l\u2019appr\u00e9hension de th\u00e9ories \u00e9conomiques<\/strong> dont voici les principes.<\/span><\/p>\r\n[\/vc_column_text][vc_column_text css=\u00a0\u00bb.vc_custom_1747756131491{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb]\r\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 21px;\"><span style=\"color: #ed7d31;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4704 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/croissance-1.png\" alt=\"\" width=\"36\" height=\"36\" data-sizes=\"auto\" data-srcset=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/croissance-1.png 64w, https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/croissance-1-20x20.png 20w\" sizes=\"auto, (max-width: 36px) 100vw, 36px\" \/>\u00a0 <\/span><span style=\"color: #ed7d31;\">INFLATION par la demande\u00a0<\/span><\/span><\/h2>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px;\"><em>(Th\u00e9oris\u00e9 par Keynes dans sa \u00ab Th\u00e9orie g\u00e9n\u00e9rale de l\u2019emploi, de l\u2019int\u00e9r\u00eat et de la monnaie \u00bb)<\/em><\/span><\/p>\r\n<p class=\"\" data-start=\"2962\" data-end=\"3187\"><span style=\"font-size: 16px;\">Si la demande <strong data-start=\"2979\" data-end=\"3022\">augmente plus vite que l&rsquo;offre de biens<\/strong> (exc\u00e8s de demande par rapport \u00e0 l\u2019offre et une incapacit\u00e9 de l\u2019\u00e9chelle de production \u00e0 r\u00e9pondre \u00e0 ce surplus de demande), <strong data-start=\"3145\" data-end=\"3168\">les prix augmentent<\/strong> (effet de raret\u00e9).<\/span><\/p>\r\n<p class=\"\" data-start=\"3189\" data-end=\"3214\"><span style=\"font-size: 16px;\">\u00a0Elle peut r\u00e9sulter :<\/span><\/p>\r\n<ul>\r\n<li data-start=\"3217\" data-end=\"3265\"><span style=\"font-size: 16px;\">d&rsquo;une <strong data-start=\"3223\" data-end=\"3262\">cr\u00e9ation de monnaie trop importante<\/strong>,<\/span><\/li>\r\n<li data-start=\"3268\" data-end=\"3310\"><span style=\"font-size: 16px;\">d&rsquo;une <strong data-start=\"3274\" data-end=\"3307\">augmentation de la population<\/strong>,<\/span><\/li>\r\n<li data-start=\"3268\" data-end=\"3310\"><span style=\"font-size: 16px;\">ou d&rsquo;un <strong data-start=\"3321\" data-end=\"3360\">effet de rattrapage apr\u00e8s une crise<\/strong> (une pand\u00e9mie par exemple)<\/span><\/li>\r\n<\/ul>\r\n<h2><span style=\"color: #ed7d31; font-size: 21px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4710 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/configurer.png\" alt=\"\" width=\"36\" height=\"36\" data-sizes=\"auto\" data-srcset=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/configurer.png 64w, https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/configurer-20x20.png 20w\" sizes=\"auto, (max-width: 36px) 100vw, 36px\" \/>\u00a0INFLATION par les co\u00fbts<\/span><\/h2>\r\n<p class=\"\" data-start=\"3429\" data-end=\"3583\"><span style=\"font-size: 16px;\">L&rsquo;augmentation des frais auxquels doivent faire face les entreprises se r\u00e9percute sur <strong data-start=\"3518\" data-end=\"3552\">les prix des biens et services<\/strong>, qui augmentent \u00e0 leur tour.<\/span><\/p>\r\n<p class=\"\" data-start=\"3585\" data-end=\"3603\"><span style=\"font-size: 16px;\">Il peut s&rsquo;agir :<\/span><\/p>\r\n<ul>\r\n<li data-start=\"3606\" data-end=\"3689\"><span style=\"font-size: 16px;\">d&rsquo;une <strong data-start=\"3612\" data-end=\"3650\">augmentation des produits import\u00e9s<\/strong> (on parle d&rsquo;<strong data-start=\"3663\" data-end=\"3685\">inflation import\u00e9e<\/strong>),<\/span><\/li>\r\n<li data-start=\"3692\" data-end=\"3846\"><span style=\"font-size: 16px;\">ou des <strong data-start=\"3699\" data-end=\"3722\">co\u00fbts de production<\/strong> comme les <strong data-start=\"3733\" data-end=\"3754\">prix de l&rsquo;\u00e9nergie<\/strong> ou des <strong data-start=\"3762\" data-end=\"3774\">salaires<\/strong> (notamment si ces derniers augmentent plus vite que la productivit\u00e9).<\/span><\/li>\r\n<\/ul>\r\n<p class=\"\" data-start=\"3848\" data-end=\"3992\"><span style=\"font-size: 16px;\">Cette inflation par les co\u00fbts peut conduire \u00e0 une <strong data-start=\"3901\" data-end=\"3927\">spirale inflationniste<\/strong>, les entreprises relevant les prix pour maintenir leurs profits.<\/span><\/p>\r\n<h2 data-start=\"3848\" data-end=\"3992\"><span style=\"color: #ed7d31; font-size: 21px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4707 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/euro-1.png\" alt=\"\" width=\"37\" height=\"37\" data-sizes=\"auto\" data-srcset=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/euro-1.png 64w, https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/euro-1-20x20.png 20w\" sizes=\"auto, (max-width: 37px) 100vw, 37px\" \/>\u00a0INFLATION par la monnaie<\/span><\/h2>\r\n<p class=\"\" data-start=\"4036\" data-end=\"4166\"><span style=\"font-size: 16px;\"><em data-start=\"4036\" data-end=\"4166\">(Th\u00e9orie quantitative de la monnaie du courant mon\u00e9tariste insuffl\u00e9 par Friedman, \u00e9bauch\u00e9e par Bodin puis d\u00e9velopp\u00e9e par Fisher)<\/em><\/span><\/p>\r\n<p class=\"\" data-start=\"4168\" data-end=\"4297\"><span style=\"font-size: 16px;\">Les tenants de la <strong data-start=\"4189\" data-end=\"4212\">th\u00e9orie mon\u00e9tariste<\/strong> identifient une <strong data-start=\"4229\" data-end=\"4296\">relation entre la masse mon\u00e9taire en circulation et l&rsquo;inflation<\/strong>.<\/span><\/p>\r\n<p class=\"\" data-start=\"4299\" data-end=\"4487\"><span style=\"font-size: 16px;\">L&rsquo;inflation est ici caus\u00e9e par une <strong data-start=\"4337\" data-end=\"4369\">cr\u00e9ation mon\u00e9taire excessive<\/strong>, plus pr\u00e9cis\u00e9ment d&rsquo;une <strong data-start=\"4394\" data-end=\"4486\">croissance de la masse mon\u00e9taire trop forte par rapport \u00e0 la croissance de la production<\/strong>. <\/span><\/p>\r\n<p class=\"\" data-start=\"4299\" data-end=\"4487\"><span style=\"font-size: 16px;\">\u00ab L\u2019inflation est toujours et partout un ph\u00e9nom\u00e8ne mon\u00e9taire \u00bb\u00a0qui n\u2019a <strong data-start=\"4596\" data-end=\"4663\">aucun impact positif \u00e0 long terme sur la croissance et l\u2019emploi<\/strong> du fait des anticipations adaptatives des agents \u00e9conomiques.<\/span><\/p>\r\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=\u00a0\u00bbbottom\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1747213631192{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb][vc_column css=\u00a0\u00bb.vc_custom_1747664282485{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1747816508193{margin-top: 0% !important;margin-bottom: 0% !important;border-top-width: 0% !important;border-bottom-width: 0% !important;padding-top: 0% !important;padding-bottom: 0% !important;}\u00a0\u00bb]\r\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 28px; color: #44546a;\"><strong data-start=\"4742\" data-end=\"4805\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4846 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/fleche-droite-1.png\" alt=\"\" width=\"33\" height=\"33\" data-sizes=\"auto\" data-srcset=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/fleche-droite-1.png 64w, https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/fleche-droite-1-20x20.png 20w\" sizes=\"auto, (max-width: 33px) 100vw, 33px\" \/>Contexte r\u00e9cent : Covid, guerre, <\/strong><strong data-start=\"4742\" data-end=\"4805\">cha\u00eene d\u2019approvisionnement<\/strong><\/span><\/h2>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"321\" data-end=\"672\"><span style=\"font-size: 16px;\">Si l\u2019histoire \u00e9conomique a montr\u00e9 et \u00e9prouv\u00e9 ses th\u00e9ories pouvant par l\u2019une ou l\u2019autre expliquer l\u2019inflation constat\u00e9e, le pass\u00e9 r\u00e9cent a r\u00e9v\u00e9l\u00e9 que les <strong data-start=\"441\" data-end=\"517\">trois causes majeures peuvent coexister<\/strong> et contribuer simultan\u00e9ment \u00e0 g\u00e9n\u00e9rer de l\u2019inflation ; mais aussi qu\u2019une nouvelle typologie de crise pouvait impliquer <strong data-start=\"641\" data-end=\"671\">un changement de paradigme<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"674\" data-end=\"893\"><span style=\"font-size: 16px;\">Si l\u2019inflation peut \u00e9maner d\u2019un exc\u00e8s de demande par rapport \u00e0 l\u2019offre de biens, la r\u00e9ciprocit\u00e9 est vraie : <strong>une insuffisance ou limitation de l\u2019offre <\/strong>par rapport \u00e0 la demande engendrera \u00e9galement de l\u2019inflation.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"895\" data-end=\"1184\"><span style=\"font-size: 16px;\">La crise de la Covid et les politiques de confinement ont <strong>d\u00e9sorganis\u00e9 les cha\u00eenes de production et d\u2019approvisionnement mondiales<\/strong>, ce qui a limit\u00e9 l\u2019offre dans les biens durables et manufacturiers, r\u00e9duisant ainsi l\u2019offre face \u00e0 la demande mondiale et <strong>cr\u00e9ant de l\u2019inflation<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1186\" data-end=\"1542\"><span style=\"font-size: 16px;\">De la m\u00eame mani\u00e8re, <strong data-start=\"1206\" data-end=\"1238\">les p\u00e9nuries de main-d\u2019\u0153uvre<\/strong> ont r\u00e9duit m\u00e9caniquement l\u2019offre. Pour inciter les travailleurs \u00e0 continuer, il a fallu accorder des augmentations de salaires qui, via la hausse des co\u00fbts de production, ont \u00e9galement <strong>nourri l\u2019inflation<\/strong> ; les entreprises \u00e9tant contraintes d\u2019augmenter leurs prix pour pr\u00e9server leurs marges.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1544\" data-end=\"1872\"><span style=\"font-size: 16px;\">Plus r\u00e9cemment, <strong data-start=\"1560\" data-end=\"1584\">la guerre en Ukraine<\/strong> a entra\u00een\u00e9 une crise de l\u2019offre \u00e9nerg\u00e9tique, provoquant <strong data-start=\"1645\" data-end=\"1681\">une hausse des prix de l\u2019\u00e9nergie<\/strong> et donc une amplification de l\u2019inflation, li\u00e9e \u00e0 l\u2019augmentation des co\u00fbts pour les entreprises mais aussi des prix alimentaires : c\u2019est ce qu\u2019on appelle <strong data-start=\"1847\" data-end=\"1871\">l\u2019inflation import\u00e9e<\/strong>.<\/span><\/p>\r\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 28px; color: #44546a;\"><strong data-start=\"4742\" data-end=\"4805\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4846 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/fleche-droite-1.png\" alt=\"\" width=\"33\" height=\"33\" data-sizes=\"auto\" data-srcset=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/fleche-droite-1.png 64w, https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/fleche-droite-1-20x20.png 20w\" sizes=\"auto, (max-width: 33px) 100vw, 33px\" \/><\/strong><\/span><span style=\"color: #44546a; font-size: 28px;\"><strong data-start=\"210\" data-end=\"268\">Impacts \u00e9conomiques de l\u2019inflation et leviers d\u2019action<\/strong><\/span><\/h2>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"438\" data-end=\"1083\"><span style=\"font-size: 16px;\">D\u2019une mani\u00e8re g\u00e9n\u00e9rale, il existe un consensus selon lequel <strong data-start=\"498\" data-end=\"549\">l\u2019inflation est n\u00e9faste pour le pouvoir d\u2019achat<\/strong> des m\u00e9nages et le potentiel de croissance d\u2019une \u00e9conomie. En effet, si les salaires ne suivent pas l\u2019augmentation des prix, les prix augmentent plus vite que les salaires, cela entra\u00eene m\u00e9caniquement une baisse de la quantit\u00e9 de biens et services qu\u2019un m\u00e9nage peut acheter. Aussi, face \u00e0 une inflation de l\u2019\u00e9conomie domestique, la concurrence des produits import\u00e9s (commerce ext\u00e9rieur), qui deviennent plus attractifs au contraire des produits locaux export\u00e9s dont la valeur s\u2019accro\u00eet, <strong>p\u00e9nalise ainsi la comp\u00e9titivit\u00e9 d\u2019une \u00e9conomie<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1085\" data-end=\"1330\"><span style=\"font-size: 16px;\">De m\u00eame, l\u2019inflation r\u00e9duisant le pouvoir d\u2019achat des m\u00e9nages, elle p\u00e9nalise simultan\u00e9ment <strong data-start=\"1176\" data-end=\"1189\">l\u2019\u00e9pargne<\/strong>, conduisant ainsi \u00e0 une baisse de l\u2019activit\u00e9 \u00e9conomique, une diminution de l\u2019investissement et, par cons\u00e9quent, de la croissance \u00e9conomique.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1332\" data-end=\"1482\"><span style=\"font-size: 16px;\"><strong data-start=\"1332\" data-end=\"1374\">Ma\u00eetriser les origines et cons\u00e9quences<\/strong> de l\u2019inflation permet de lutter efficacement et de mettre en place des <strong data-start=\"1446\" data-end=\"1467\">r\u00e9ponses adapt\u00e9es<\/strong> selon les cas.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1484\" data-end=\"1945\"><span style=\"font-size: 16px;\">Une des r\u00e9ponses historiques r\u00e9side dans l\u2019intervention des organismes financiers type <strong data-start=\"1571\" data-end=\"1592\">banques centrales<\/strong> (BCE, Fed), afin d\u2019influer sur la masse mon\u00e9taire en jouant sur les <strong data-start=\"1661\" data-end=\"1691\">taux d\u2019int\u00e9r\u00eats directeurs<\/strong>. En effet, une augmentation des taux (\u00ab prix de la monnaie \u00bb) pourra limiter la circulation de la masse mon\u00e9taire et ainsi contr\u00f4ler l\u2019inflation ; mais aussi agir sur celle-ci via la demande, en r\u00e9duisant les investissements tout en stimulant l\u2019\u00e9pargne.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"1947\" data-end=\"2104\"><span style=\"font-size: 16px;\">Aussi, augmenter la capacit\u00e9 de production des entreprises permettra d\u2019<strong>ajuster le d\u00e9s\u00e9quilibre entre l\u2019offre et la demande, et ainsi juguler l\u2019inflation<\/strong>.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"2106\" data-end=\"2384\"><span style=\"font-size: 16px;\">La diversit\u00e9 des crises \u00e9conomiques montre que les <strong data-start=\"2157\" data-end=\"2177\">leviers d\u2019action<\/strong> <strong>varient<\/strong> selon que l\u2019inflation provienne d\u2019un exc\u00e8s de la demande ou d\u2019une insuffisance de l\u2019offre. La multiplicit\u00e9 des facteurs \u00e9conomiques agissant simultan\u00e9ment rend cette t\u00e2che particuli\u00e8rement complexe.<\/span><\/p>\r\n<p class=\"\" style=\"text-align: justify;\" data-start=\"2386\" data-end=\"2583\"><span style=\"font-size: 16px;\">Si l\u2019inflation n\u2019est pas un concept r\u00e9cent, les <strong data-start=\"2434\" data-end=\"2484\">instruments financiers index\u00e9s sur l\u2019inflation<\/strong> rel\u00e8vent d\u2019une dynamique plus moderne des march\u00e9s, apparus seulement au <strong data-start=\"2557\" data-end=\"2582\">d\u00e9but des ann\u00e9es 2000<\/strong>.<\/span><\/p>\r\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=\u00a0\u00bbbottom\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1747813546154{margin-top: 5% !important;margin-bottom: 2% !important;border-top-width: 5% !important;border-bottom-width: 2% !important;padding-top: 0% !important;padding-bottom: 2% !important;background-color: #f4f4f4 !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;border-top-color: #ed7d31 !important;border-bottom-color: #ed7d31 !important;}\u00a0\u00bb][vc_column css=\u00a0\u00bb.vc_custom_1747208435483{margin-bottom: 0% !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1747748457112{margin-top: 2% !important;margin-bottom: 0% !important;border-top-width: 2% !important;border-bottom-width: 0% !important;padding-bottom: 1% !important;}\u00a0\u00bb]\r\n<h3>Sources :<\/h3>\r\n<p><span style=\"font-size: 14px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4757 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/point.png\" alt=\"\" width=\"7\" height=\"7\" \/>\u00a0 L\u2019inflation, un changement de paradigme : quelles causes et comment la contr\u00f4ler ?<br \/><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4757 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/point.png\" alt=\"\" width=\"7\" height=\"7\" \/>\u00a0 L\u2019inflation, c\u2019est quoi, au juste &#8211; Et quelles sont ses causes (Bastien Drut Publi\u00e9 le 03\/02\/2024)<br \/><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4757 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/point.png\" alt=\"\" width=\"7\" height=\"7\" \/>\u00a0 La crise de l\u2019inflation montre que c\u2019est l\u2019offre, et non la demande, qui restreint la capacit\u00e9 \u00e9conomique et que l\u2019\u00c9tat ne peut emprunter ind\u00e9finiment (John H. Cochrane)<br \/><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4757 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/point.png\" alt=\"\" width=\"7\" height=\"7\" \/>\u00a0 Qu&rsquo;est-ce que l&rsquo;inflation ?<br \/><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4757 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/point.png\" alt=\"\" width=\"7\" height=\"7\" \/>\u00a0 Inflation Derivatives Explained &#8211; Markets, Products, and Pricing (Jeroen Kerkhof &#8211; Fixed Income Quantitative Research &#8211; Lehman Brothers)<\/span><\/p>\r\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row thb_divider_position=\u00a0\u00bbbottom\u00a0\u00bb][vc_column][vc_column_text]\r\n<div style=\"max-width: 380px; margin: 20px auto; border: 1px solid #eee; border-radius: 10px; padding: 20px; background: #fafafa; box-shadow: 0 2px 8px rgba(0,0,0,0.05); text-align: center;\">\r\n<p><img loading=\"lazy\" decoding=\"async\" style=\"border-radius: 50%; box-shadow: 0 2px 6px rgba(0,0,0,0.1); margin-bottom: 6px;\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/09\/Design-sans-titre-4.png\" alt=\"Vincent TARRIT\" width=\"90\" height=\"90\" class=\"lazyload\" \/><\/p>\r\n<div style=\"font-size: 12px; color: #999; margin-bottom: 2px; line-height: 1.2;\">Auteur<\/div>\r\n<div style=\"font-size: 16px; font-weight: bold; color: #111; margin-bottom: 2px; line-height: 1.3;\">Fabrice ROUSSEAU<\/div>\r\n<div style=\"font-size: 14px; color: #666; line-height: 1.2;\">Senior Manager<\/div>\r\n<\/div>\r\n[\/vc_column_text][\/vc_column][\/vc_row]<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row thb_divider_position=\u00a0\u00bbbottom\u00a0\u00bb][vc_column width=\u00a0\u00bb2\/5&Prime; css=\u00a0\u00bb.vc_custom_1747669023029{margin-top: 3% !important;}\u00a0\u00bb][vc_single_image image=\u00a0\u00bb4675&Prime; img_size=\u00a0\u00bbfull\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1747735055426{margin-top: 5% !important;border-top-width: 5% !important;padding-top: 5% !important;}\u00a0\u00bb][\/vc_column][vc_column width=\u00a0\u00bb3\/5&Prime; css=\u00a0\u00bb.vc_custom_1747665436199{margin-top: 0% !important;border-top-width: 0% !important;padding-top: 0% !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1747666414526{margin-top:&hellip;<\/p>\n","protected":false},"author":2,"featured_media":4675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ub_ctt_via":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post-4654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"featured_image_src":"https:\/\/www.commandstrategy.com\/wp-content\/uploads\/2025\/05\/hyperinflation-allemagne-1923-scaled.jpg","author_info":{"display_name":"Tidia YETTOU","author_link":"https:\/\/www.commandstrategy.com\/fr\/author\/cmds\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation : menace passag\u00e8re ou nouveau paradigme \u00e9conomique ? - Command Strategy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commandstrategy.com\/fr\/inflation-menace-passagere-ou-nouveau-paradigme-economique\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation : menace passag\u00e8re ou nouveau paradigme \u00e9conomique ? - Command Strategy\" \/>\n<meta property=\"og:description\" content=\"[vc_row thb_divider_position=\u00a0\u00bbbottom\u00a0\u00bb][vc_column width=\u00a0\u00bb2\/5&Prime; css=\u00a0\u00bb.vc_custom_1747669023029{margin-top: 3% !important;}\u00a0\u00bb][vc_single_image image=\u00a0\u00bb4675&Prime; img_size=\u00a0\u00bbfull\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1747735055426{margin-top: 5% !important;border-top-width: 5% !important;padding-top: 5% !important;}\u00a0\u00bb][\/vc_column][vc_column width=\u00a0\u00bb3\/5&Prime; 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