Gas prices, shrinkflation, new savings plan… What’s changing on July 1st

Gas prices, shrinkflation, new savings plan… What’s changing on July 1st
Gas prices, shrinkflation, new savings plan… What’s changing on July 1st

New savings plan for young people, increase in the benchmark price of gas, mandatory display of shrinkflation in supermarkets: everything that changes on July 1, 2024.

A new month begins, and with it a lot of new things. New savings plan for young people, increase in the “benchmark price” of gas or even compulsory display of “shrinkflation” in supermarkets: here is everything that is changing in July.

• A new savings plan for young people

A new development on the savings side. A new savings product, called the “plan d’épargne avenir climat (PEAC)”, is available from July 1st. Capped at 22,950 euros, it is exclusively reserved for young people under 21. This savings plan, resulting from the “green industry” law, must contribute to financing the ecological transition.

Parents will be able to open it and add funds to it from the birth of the child (it will be automatically closed when they turn 30). The savings will be blocked until the holder reaches the age of majority and for a minimum of five years. He will be able to make withdrawals at the end of the blocking period but, in the event of withdrawal, it will no longer be possible to make new payments.

The return on the PEAC will depend on the investment strategies, on a model similar to the retirement savings plan (PER) for example. Gains and capital gains will not be subject to income tax and social security contributions.

• Mandatory display of “shrinkflation”

More transparency for consumers. Starting July 1, stores must inform their customers about “shrinkflation”, which is when a product has seen its quantity decrease without the price decreasing.

Supermarkets of more than 400 square meters must affix a “visible” and “legible” label or sign near, or even directly on the packaging of, the products concerned. A measure that had been contested by large retail chains, passing the buck to the food industry.

• Evolution of the DPE for small housing

Changes in housing. The method of calculating the energy performance diagnosis (DPE), i.e. the energy label ranging from “A” for the most efficient housing to “G” for the least efficient, will change from 1 July 2024 for housing with a surface area of ​​less than or equal to 40 square metres. Around 220,000 homes should come out of the “thermal sieve” state (when they are classified F or G) thanks to an improvement in their energy rating.

The housing concerned will thus escape the deadline of the year 2025 (ban on the rental of all housing classified G) or that of the year 2028 (ban on the rental of all housing classified F). But they will still potentially be prohibited from renting from January 1, 2034 if they are classified E. The owners of these accommodations will not need to carry out a new DPE and will benefit from an automatic and free update via the Ademe platform.

• A clear increase in the price of gas

The average price of the gas bill will increase by 11.7% in July compared to the previous month. The average level of the reference price, a sort of price compass published each month by the Energy Regulatory Commission since the disappearance of regulated tariffs in 2023, will be 129.20 euros including tax per megawatt hour (MWh) in July compared to 115.7 euros/MWh in June. This “reference price” allows consumers to avoid excessively high offers.

This sharp increase is mainly explained by the recent decision of the CRE to revalue for four years the tariff for transporting gas that reaches homes and businesses, that is to say the toll that the network manager GRDF charges to suppliers. This network share, which represents a small third of the bill, increases since it is necessary to distribute “rising costs over decreasing consumption”, the president of the CRE, Emmanuelle Wargon, argued to AFP.

• Revaluation of unemployment insurance benefits

Unemployment insurance benefits are being increased by 1.2% on July 1. This increase “would affect around two million job seekers receiving benefits” out of a total of around 2.7 million, according to Unédic.

The body managed jointly by trade unions and employers’ organizations argues that it “takes into account both the economic context and the financial balance of the unemployment insurance system” and recalls that this revaluation “comes after two others in 2023 (+1.9% on April 1, then +1.9% on July 1)”. On average, the annual revaluation has been 1.68% over the last five years.

A beneficiary who has not worked during the month and benefits from the minimum allowance will thus go from 979.29 euros gross to 991.07 euros gross, details Unédic.

Jérémy Bruno with AFP BFMTV journalist

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