{"id":3692,"date":"2025-05-25T14:48:40","date_gmt":"2025-05-25T14:48:40","guid":{"rendered":"https:\/\/avefi.com\/?p=3692"},"modified":"2025-05-25T14:49:15","modified_gmt":"2025-05-25T14:49:15","slug":"linflation-lennemi-de-lepargnant","status":"publish","type":"post","link":"http:\/\/avefi.com\/?p=3692","title":{"rendered":"L&rsquo;inflation: l&rsquo;ennemi de l&rsquo;\u00e9pargnant"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3692\" class=\"elementor elementor-3692\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2be8839 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2be8839\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e2876a\" data-id=\"6e2876a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b487005 elementor-widget elementor-widget-text-editor\" data-id=\"b487005\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1 data-start=\"391\" data-end=\"503\"><em data-start=\"396\" data-end=\"503\">L\u2019inflation, cet ennemi silencieux du patrimoine : comprendre son effet corrosif sur la valeur des actifs<\/em><\/h1><hr data-start=\"505\" data-end=\"508\" \/><h2 data-start=\"510\" data-end=\"576\">l\u2019illusion mon\u00e9taire et la r\u00e9alit\u00e9 \u00e9conomique<\/h2><p data-start=\"578\" data-end=\"903\">L\u2019inflation est souvent per\u00e7ue comme une simple hausse des prix. En r\u00e9alit\u00e9, elle <strong data-start=\"660\" data-end=\"718\">r\u00e9duit insidieusement le pouvoir d\u2019achat de la monnaie<\/strong>. Ce ph\u00e9nom\u00e8ne, bien que progressif, a des effets d\u00e9vastateurs sur la <strong data-start=\"788\" data-end=\"816\">valeur r\u00e9elle des actifs<\/strong>, notamment lorsqu\u2019il s\u2019installe durablement comme cela semble \u00eatre le cas depuis 2021.<\/p><p data-start=\"905\" data-end=\"1200\">De nombreux investisseurs sous-estiment son impact \u00e0 long terme, confondant <strong data-start=\"981\" data-end=\"1000\">valeur nominale<\/strong> et <strong data-start=\"1004\" data-end=\"1021\">valeur r\u00e9elle<\/strong> de leur patrimoine. Or, dans un environnement o\u00f9 les taux r\u00e9els restent n\u00e9gatifs, il devient imp\u00e9ratif de mesurer pr\u00e9cis\u00e9ment comment l\u2019inflation \u00ab rogne \u00bb la richesse accumul\u00e9e.<\/p><hr data-start=\"1202\" data-end=\"1205\" \/><h2 data-start=\"1207\" data-end=\"1275\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4c9.svg\" alt=\"\ud83d\udcc9\" \/> 1. L\u2019\u00e9rosion du capital : un ph\u00e9nom\u00e8ne arithm\u00e9tique implacable<\/h2><p data-start=\"1277\" data-end=\"1540\">Prenons un exemple simple :<br data-start=\"1304\" data-end=\"1307\" \/>Si vous d\u00e9tenez 100\u202f000 \u20ac en liquidit\u00e9s et que l\u2019inflation annuelle est de 4 %, la valeur r\u00e9elle de votre capital, <strong data-start=\"1422\" data-end=\"1442\">au bout de 5 ans<\/strong>, sera \u00e9quivalente \u00e0 environ <strong data-start=\"1471\" data-end=\"1483\">82\u202f000 \u20ac<\/strong> d\u2019aujourd\u2019hui.<br data-start=\"1498\" data-end=\"1501\" \/>Soit une <strong data-start=\"1510\" data-end=\"1539\">perte silencieuse de 18 %<\/strong>.<\/p><p data-start=\"1542\" data-end=\"1635\">Cette d\u00e9valorisation concerne <strong data-start=\"1572\" data-end=\"1619\">tous les actifs non index\u00e9s sur l\u2019inflation<\/strong>, et notamment :<\/p><ul data-start=\"1636\" data-end=\"1893\"><li data-start=\"1636\" data-end=\"1706\"><p data-start=\"1638\" data-end=\"1706\">les <strong data-start=\"1642\" data-end=\"1669\">obligations \u00e0 taux fixe<\/strong> (dont les coupons restent constants)<\/p><\/li><li data-start=\"1707\" data-end=\"1771\"><p data-start=\"1709\" data-end=\"1771\">les <strong data-start=\"1713\" data-end=\"1733\">d\u00e9p\u00f4ts bancaires<\/strong> (r\u00e9mun\u00e9r\u00e9s en dessous de l\u2019inflation)<\/p><\/li><li data-start=\"1772\" data-end=\"1800\"><p data-start=\"1774\" data-end=\"1800\">la <strong data-start=\"1777\" data-end=\"1800\">tr\u00e9sorerie dormante<\/strong><\/p><\/li><li data-start=\"1801\" data-end=\"1893\"><p data-start=\"1803\" data-end=\"1893\">certains <strong data-start=\"1812\" data-end=\"1833\">biens immobiliers<\/strong> dont la valorisation ne suit pas les prix \u00e0 la consommation<\/p><\/li><\/ul><hr data-start=\"1895\" data-end=\"1898\" \/><h2 data-start=\"1900\" data-end=\"1962\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f9fe.svg\" alt=\"\ud83e\uddfe\" \/> 2. Les revenus fixes deviennent des revenus d\u00e9croissants<\/h2><p data-start=\"1964\" data-end=\"2286\">Un loyer fixe de 1\u202f000 \u20ac par mois, non index\u00e9, perdra <strong data-start=\"2018\" data-end=\"2045\">20 % de pouvoir d\u2019achat<\/strong> en 10 ans si l\u2019inflation reste \u00e0 2 %.<br data-start=\"2083\" data-end=\"2086\" \/>Il en va de m\u00eame pour les <strong data-start=\"2112\" data-end=\"2124\">pensions<\/strong>, <strong data-start=\"2126\" data-end=\"2136\">rentes<\/strong>, ou <strong data-start=\"2141\" data-end=\"2169\">dividendes non r\u00e9\u00e9valu\u00e9s<\/strong>. Cela affecte tout particuli\u00e8rement les retrait\u00e9s, dont les besoins restent constants alors que les revenus fondent.<\/p><p data-start=\"2288\" data-end=\"2445\"><strong data-start=\"2288\" data-end=\"2301\">\u00c0 retenir<\/strong> : ce n\u2019est pas l\u2019augmentation des prix en soi qui est probl\u00e9matique, mais l\u2019<strong data-start=\"2378\" data-end=\"2418\">absence d\u2019indexation ou d\u2019ajustement<\/strong> des revenus ou des actifs.<\/p><hr data-start=\"2447\" data-end=\"2450\" \/><h2 data-start=\"2452\" data-end=\"2512\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f3e6.svg\" alt=\"\ud83c\udfe6\" \/> 3. Le co\u00fbt d\u2019opportunit\u00e9 des actifs trop conservateurs<\/h2><p data-start=\"2514\" data-end=\"2821\">La s\u00e9curit\u00e9 d\u2019un livret A ou d\u2019un fonds en euros est souvent une illusion :<br data-start=\"2589\" data-end=\"2592\" \/>En avril 2025, le <strong data-start=\"2610\" data-end=\"2640\">livret A rapporte 3 % brut<\/strong>, tandis que l\u2019<strong data-start=\"2655\" data-end=\"2693\">inflation officielle d\u00e9passe 3,5 %<\/strong> (source : INSEE). Le rendement r\u00e9el est donc <strong data-start=\"2739\" data-end=\"2750\">n\u00e9gatif<\/strong>.<br data-start=\"2751\" data-end=\"2754\" \/>M\u00eame constat sur la plupart des produits de taux \u00e0 capital garanti.<\/p><p data-start=\"2823\" data-end=\"2960\">Ce <strong data-start=\"2826\" data-end=\"2852\">rendement r\u00e9el n\u00e9gatif<\/strong> signifie que chaque ann\u00e9e, votre \u00e9pargne <strong data-start=\"2894\" data-end=\"2922\">perd de sa valeur r\u00e9elle<\/strong>, m\u00eame si son montant facial augmente.<\/p><hr data-start=\"2962\" data-end=\"2965\" \/><h2 data-start=\"2967\" data-end=\"3022\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4bc.svg\" alt=\"\ud83d\udcbc\" \/> 4. Quels actifs r\u00e9sistent \u00e0 l\u2019\u00e9rosion mon\u00e9taire ?<\/h2><p data-start=\"3024\" data-end=\"3099\">Certaines classes d\u2019actifs ont historiquement mieux r\u00e9sist\u00e9 \u00e0 l\u2019inflation :<\/p><ul data-start=\"3100\" data-end=\"3601\"><li data-start=\"3100\" data-end=\"3173\"><p data-start=\"3102\" data-end=\"3173\"><strong data-start=\"3102\" data-end=\"3131\">Immobilier locatif index\u00e9<\/strong> : si les baux suivent les indices IRL\/ICC<\/p><\/li><li data-start=\"3174\" data-end=\"3298\"><p data-start=\"3176\" data-end=\"3298\"><strong data-start=\"3176\" data-end=\"3187\">Actions<\/strong> : en particulier les entreprises ayant un <strong data-start=\"3230\" data-end=\"3247\">pricing power<\/strong>, capables de r\u00e9percuter l\u2019inflation sur leurs prix<\/p><\/li><li data-start=\"3299\" data-end=\"3405\"><p data-start=\"3301\" data-end=\"3405\"><strong data-start=\"3301\" data-end=\"3323\">Mati\u00e8res premi\u00e8res<\/strong> : dont les cours augmentent souvent avec la demande et la pression inflationniste<\/p><\/li><li data-start=\"3406\" data-end=\"3507\"><p data-start=\"3408\" data-end=\"3507\"><strong data-start=\"3408\" data-end=\"3462\">Obligations index\u00e9es sur l\u2019inflation (OATi, OAT\u20aci)<\/strong> : qui garantissent un rendement r\u00e9el positif<\/p><\/li><li data-start=\"3508\" data-end=\"3601\"><p data-start=\"3510\" data-end=\"3601\"><strong data-start=\"3510\" data-end=\"3553\">Produits structur\u00e9s \u00e0 coupons variables<\/strong> ou <strong data-start=\"3557\" data-end=\"3575\">notes \u00e0 rappel<\/strong> avec barri\u00e8re d\u2019inflation<\/p><\/li><\/ul><p data-start=\"3603\" data-end=\"3752\">Mais attention : <strong data-start=\"3620\" data-end=\"3692\">tous ces actifs comportent des risques de volatilit\u00e9 ou de liquidit\u00e9<\/strong>, qu\u2019il convient de ma\u00eetriser par une allocation \u00e9quilibr\u00e9e.<\/p><hr data-start=\"3754\" data-end=\"3757\" \/><h2 data-start=\"3759\" data-end=\"3824\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f50d.svg\" alt=\"\ud83d\udd0d\" \/> 5. Pourquoi il est risqu\u00e9 d\u2019ignorer l\u2019inflation aujourd\u2019hui<\/h2><p data-start=\"3826\" data-end=\"4095\">Depuis plus de 30 ans, les investisseurs avaient pris l\u2019habitude d\u2019une inflation contenue. Mais le contexte actuel (hausse des salaires, politiques budg\u00e9taires expansives, tensions g\u00e9opolitiques, d\u00e9mondialisation partielle) alimente une <strong data-start=\"4063\" data-end=\"4094\">inflation plus structurelle<\/strong>.<\/p><blockquote data-start=\"4097\" data-end=\"4200\"><p data-start=\"4099\" data-end=\"4200\">\u00ab Une inflation durable de 3 % sur 10 ans d\u00e9truit pr\u00e8s d\u2019un quart de votre pouvoir d\u2019achat initial. \u00bb<\/p><\/blockquote><p data-start=\"4202\" data-end=\"4324\">Ce <strong data-start=\"4205\" data-end=\"4247\">risque de perte invisible mais durable<\/strong> est souvent <strong data-start=\"4260\" data-end=\"4323\">plus destructeur que la volatilit\u00e9 boursi\u00e8re de court terme<\/strong>.<\/p><hr data-start=\"4326\" data-end=\"4329\" \/><h2 data-start=\"4331\" data-end=\"4397\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f3af.svg\" alt=\"\ud83c\udfaf\" \/> Recommandations d\u2019AVEFI pour pr\u00e9server votre pouvoir d\u2019achat<\/h2><ol data-start=\"4399\" data-end=\"4822\"><li data-start=\"4399\" data-end=\"4488\"><p data-start=\"4402\" data-end=\"4488\"><strong data-start=\"4402\" data-end=\"4438\">Diversifier les classes d\u2019actifs<\/strong> avec une attention particuli\u00e8re aux actifs r\u00e9els.<\/p><\/li><li data-start=\"4489\" data-end=\"4585\"><p data-start=\"4492\" data-end=\"4585\"><strong data-start=\"4492\" data-end=\"4524\">Pr\u00e9f\u00e9rer les revenus index\u00e9s<\/strong>, notamment dans l\u2019immobilier et les placements obligataires.<\/p><\/li><li data-start=\"4586\" data-end=\"4639\"><p data-start=\"4589\" data-end=\"4639\"><strong data-start=\"4589\" data-end=\"4623\">\u00c9viter les exc\u00e8s de liquidit\u00e9s<\/strong> non r\u00e9mun\u00e9r\u00e9es.<\/p><\/li><li data-start=\"4640\" data-end=\"4742\"><p data-start=\"4643\" data-end=\"4742\"><strong data-start=\"4643\" data-end=\"4685\">Int\u00e9grer des instruments de couverture<\/strong> : obligations index\u00e9es, or, fonds diversifi\u00e9s inflation.<\/p><\/li><li data-start=\"4743\" data-end=\"4822\"><p data-start=\"4746\" data-end=\"4822\"><strong data-start=\"4746\" data-end=\"4790\">Analyser les rendements en valeur r\u00e9elle<\/strong>, pas seulement en valeur brute.<\/p><\/li><\/ol><p data-start=\"4824\" data-end=\"4955\">Nos conseillers peuvent vous aider \u00e0 r\u00e9aliser un <strong data-start=\"4873\" data-end=\"4909\">bilan d\u2019exposition \u00e0 l\u2019inflation<\/strong> et \u00e0 ajuster votre allocation en cons\u00e9quence.<\/p><hr data-start=\"4957\" data-end=\"4960\" \/><h2 data-start=\"4962\" data-end=\"4987\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4e9.svg\" alt=\"\ud83d\udce9\" \/> Parlons-en ensemble<\/h2><p data-start=\"4989\" data-end=\"5137\">Vous souhaitez savoir si votre portefeuille est suffisamment prot\u00e9g\u00e9 contre l\u2019inflation ? Nos \u00e9quipes sont \u00e0 votre disposition pour vous conseiller.<\/p><p data-start=\"5139\" data-end=\"5323\"><strong data-start=\"5139\" data-end=\"5148\">AVEFI<\/strong><br data-start=\"5148\" data-end=\"5151\" \/>18 bis rue Am\u00e9lie<br data-start=\"5168\" data-end=\"5171\" \/>75007 Paris<br data-start=\"5182\" data-end=\"5185\" \/><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4de.svg\" alt=\"\ud83d\udcde\" \/> T\u00e9l\u00e9phone : 01 77 13 78 35<br data-start=\"5214\" data-end=\"5217\" \/><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4e7.svg\" alt=\"\ud83d\udce7\" \/> Email : <a class=\"cursor-pointer\" rel=\"noopener\" data-start=\"5228\" data-end=\"5273\">contact@avefi.com<\/a><br data-start=\"5273\" data-end=\"5276\" \/><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f310.svg\" alt=\"\ud83c\udf10\" \/> Site : <a class=\"\" href=\"http:\/\/www.avefi.com\" target=\"_new\" rel=\"noopener\" data-start=\"5286\" data-end=\"5323\">www.avefi.com<\/a><\/p><hr data-start=\"5325\" data-end=\"5328\" \/><p data-start=\"5330\" data-end=\"5524\"><em data-start=\"5330\" data-end=\"5524\">Cette publication est informative et publicitaire. Pour plus de renseignements, veuillez nous contacter. Pour vous d\u00e9sabonner, envoyez un email \u00e0 <a class=\"cursor-pointer\" rel=\"noopener\" data-start=\"5477\" data-end=\"5522\">contact@avefi.com<\/a>.<\/em><\/p><p data-start=\"5526\" data-end=\"5729\" data-is-last-node=\"\" data-is-only-node=\"\"><strong data-start=\"5526\" data-end=\"5539\">Attention<\/strong> : <em data-start=\"5542\" data-end=\"5729\" data-is-last-node=\"\">Investir comporte des risques. Les rendements pass\u00e9s ne garantissent pas les performances futures. Il est recommand\u00e9 de bien comprendre les caract\u00e9ristiques du produit avant d&rsquo;investir.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3692","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3692"}],"version-history":[{"count":3,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3692\/revisions"}],"predecessor-version":[{"id":3695,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3692\/revisions\/3695"}],"wp:attachment":[{"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3692"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}