{"id":26292,"date":"2025-06-11T12:19:03","date_gmt":"2025-06-11T10:19:03","guid":{"rendered":"https:\/\/taceconomics.com\/?p=26292"},"modified":"2026-02-10T17:22:32","modified_gmt":"2026-02-10T16:22:32","slug":"linflation-americaine-en-mai-un-coup-de-frein-inattendu","status":"publish","type":"post","link":"https:\/\/taceconomics.com\/fr\/linflation-americaine-en-mai-un-coup-de-frein-inattendu\/","title":{"rendered":"L\u2019inflation am\u00e9ricaine en mai : un coup de frein inattendu."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"26292\" class=\"elementor elementor-26292\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3936f2de e-con-full e-flex e-con e-parent\" data-id=\"3936f2de\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-fcd77cf e-con-full e-flex e-con e-child\" data-id=\"fcd77cf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-007b9fc elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"007b9fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">BFM Business - L'Eco du monde\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7253d407 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"7253d407\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">L\u2019inflation am\u00e9ricaine en mai : un coup de frein inattendu.<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ffc341a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7ffc341a\" 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elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>juin 11, 2025<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-d3c01a0 elementor-inline-item\" itemprop=\"about\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-tags\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-terms\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-post-info__terms-list\">\n\t\t\t\t<a href=\"https:\/\/taceconomics.com\/fr\/category\/media\/\" class=\"elementor-post-info__terms-list-item\">Media<\/a>\t\t\t\t<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9395f23 e-con-full e-flex e-con e-child\" data-id=\"9395f23\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;background_motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;background_motion_fx_scale_effect&quot;:&quot;yes&quot;,&quot;background_motion_fx_scale_range&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:50,&quot;end&quot;:100}},&quot;background_motion_fx_scale_direction&quot;:&quot;out-in&quot;,&quot;background_motion_fx_scale_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:4,&quot;sizes&quot;:[]},&quot;background_motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5a0edc5 elementor-widget elementor-widget-image\" data-id=\"5a0edc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"313\" src=\"https:\/\/taceconomics.com\/wp-content\/uploads\/2025\/08\/BFM-LD-110625-e1756115975218.png\" class=\"attachment-large size-large wp-image-26295\" alt=\"\" srcset=\"https:\/\/taceconomics.com\/wp-content\/uploads\/2025\/08\/BFM-LD-110625-e1756115975218.png 600w, https:\/\/taceconomics.com\/wp-content\/uploads\/2025\/08\/BFM-LD-110625-e1756115975218-300x157.png 300w, https:\/\/taceconomics.com\/wp-content\/uploads\/2025\/08\/BFM-LD-110625-e1756115975218-18x9.png 18w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d10d82 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"7d10d82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"https:\/\/www.bfmtv.com\/economie\/replay-emissions\/bfm-bourse\/l-eco-du-monde-indicateur-du-jour-l-inflation-us-du-mois-de-mai-11-06_VN-202506110580.html\">\n\t\t\t<i aria-hidden=\"true\" class=\"far fa-play-circle\"><\/i>\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-90d0a9e e-flex e-con-boxed e-con e-parent\" data-id=\"90d0a9e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2f28aee elementor-widget elementor-widget-heading\" data-id=\"2f28aee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Une inflation plus faible que pr\u00e9vue<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-eefa04b e-flex e-con-boxed e-con e-parent\" data-id=\"eefa04b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-faf90b5 elementor-widget elementor-widget-text-editor\" data-id=\"faf90b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>L\u00e9a Dauphas a soulign\u00e9 le ralentissement inattendu de l\u2019inflation aux \u00c9tats-Unis en mai. Les chiffres du mois montrent une progression mensuelle modeste, inf\u00e9rieure aux attentes des analystes : <strong>+0,1 %<\/strong>, l\u00e0 o\u00f9 parlait le consensus.<br \/>Cette baisse s\u2019explique notamment par la diminution des prix de l\u2019essence, particuli\u00e8rement sensible sur les composantes volatiles de l\u2019inflation.<\/p><p>Sur un an, l\u2019inflation globale ressort \u00e0 <strong>+2,4 %<\/strong>, l\u00e9g\u00e8rement en-dessous du consensus (+2,5 %), confirmant une mod\u00e9ration par rapport au rythme ant\u00e9rieur.<br \/>De m\u00eame, l\u2019indice sous-jacent (core CPI), hors alimentation et \u00e9nergie, a ralenti \u00e0 <strong>+0,1 % sur un mois<\/strong>, contre +0,3 % attendu, et se fixe \u00e0 <strong>+2,8 % en rythme annuel<\/strong>, soit l\u00e9g\u00e8rement en dessous des pr\u00e9visions (2,9 %).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2110370 e-flex e-con-boxed e-con e-parent\" data-id=\"2110370\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5c6f8f5 elementor-widget elementor-widget-heading\" data-id=\"5c6f8f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Une accalmie aux airs trompeurs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-53a3ac8 e-flex e-con-boxed e-con e-parent\" data-id=\"53a3ac8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-847fa38 elementor-widget elementor-widget-text-editor\" data-id=\"847fa38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>L\u00e9a Dauphas a mis en perspective ces bonnes nouvelles\u2026 en les repla\u00e7ant dans un contexte fragile. Ce ralentissement pourrait \u00eatre temporaire : certains observateurs estiment que les effets des surtaxes douani\u00e8res impos\u00e9es par l\u2019administration Trump ne sont pas encore pleinement visibles dans les prix, les stocks anciens permettant de retarder leur impact.<\/p><p>Par ailleurs, les tensions commerciales restent un risque latant pour l\u2019inflation \u00e0 venir : les droits de douane \u00e0 l\u2019importation pourraient relancer les pressions haussi\u00e8res sur les prix dans les mois \u00e0 venir.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9fb0fdf e-flex e-con-boxed e-con e-parent\" data-id=\"9fb0fdf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-49ac446 elementor-widget elementor-widget-heading\" data-id=\"49ac446\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">R\u00e9actions des march\u00e9s<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-abebd8b e-flex e-con-boxed e-con e-parent\" data-id=\"abebd8b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-15a1bc6 elementor-widget elementor-widget-text-editor\" data-id=\"15a1bc6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Cette d\u00e9tente de l\u2019inflation a d\u00e9clench\u00e9 une <strong>hausse des march\u00e9s financiers<\/strong> : contrats \u00e0 terme en nette progression, anticipation d\u2019un all\u00e8gement potentiel de la politique mon\u00e9taire par la Fed\u2026 en l\u2019occurrence, les probabilit\u00e9s per\u00e7ues d\u2019une baisse du taux directeur ont grimp\u00e9.<br \/>Du c\u00f4t\u00e9 des taux d\u2019int\u00e9r\u00eat, on observe une baisse des rendements obligataires, notamment sur les maturit\u00e9s plus courtes, o\u00f9 les anticipations en mati\u00e8re de politique mon\u00e9taire sont les plus sensibles.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6782719 e-flex e-con-boxed e-con e-parent\" data-id=\"6782719\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-df369d0 elementor-widget elementor-widget-heading\" data-id=\"df369d0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-74472d4 e-flex e-con-boxed e-con e-parent\" data-id=\"74472d4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e4c5d1d elementor-widget elementor-widget-text-editor\" data-id=\"e4c5d1d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Ce qu\u2019a clairement soulign\u00e9 L\u00e9a Dauphas, c\u2019est que <strong>mai 2025 a apport\u00e9 une pause bienvenue dans la dynamique inflationniste am\u00e9ricaine<\/strong>, nourrie par une d\u00e9tente des prix de l\u2019essence. Toutefois, cette accalmie ne garantit en rien une normalisation durable : elle pourrait masquer le retour en force de l\u2019inflation si les effets des droits de douane viennent \u00e0 se diffuser dans les prix.<\/p><p>Dans ce contexte, la R\u00e9serve f\u00e9d\u00e9rale semble observer avec attention : les march\u00e9s, eux, misent d\u00e9j\u00e0 sur un rel\u00e2chement potentiel de la politique mon\u00e9taire. Reste \u00e0 voir comment les prochains mois \u2014 notamment la deuxi\u00e8me partie de 2025 \u2014 fa\u00e7onneront les orientations \u00e9conomiques et mon\u00e9taires aux \u00c9tats-Unis.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-69365500 e-flex e-con-boxed e-con e-parent\" data-id=\"69365500\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-602cf570 e-con-full e-flex e-con e-child\" data-id=\"602cf570\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-69fe8899 elementor-widget elementor-widget-heading\" data-id=\"69fe8899\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Latest posts<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div 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class=\"elementor-post__thumbnail__link\" href=\"https:\/\/taceconomics.com\/fr\/emerging-markets-risk-fragmentation-2026\/\" tabindex=\"-1\" >\n\t\t\t<div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"500\" height=\"267\" src=\"https:\/\/taceconomics.com\/wp-content\/uploads\/2026\/03\/Country-Risk-Map-February-2026-500x267.jpg\" class=\"attachment-medium size-medium wp-image-28491\" alt=\"\" srcset=\"https:\/\/taceconomics.com\/wp-content\/uploads\/2026\/03\/Country-Risk-Map-February-2026-500x267.jpg 500w, https:\/\/taceconomics.com\/wp-content\/uploads\/2026\/03\/Country-Risk-Map-February-2026-18x10.jpg 18w, https:\/\/taceconomics.com\/wp-content\/uploads\/2026\/03\/Country-Risk-Map-February-2026.jpg 600w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/taceconomics.com\/fr\/emerging-markets-risk-fragmentation-2026\/\" >\n\t\t\t\tEmerging Markets: Lower aggregate risk, higher fragmentation\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tmars 6, 2026\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-post__read-more-wrapper\">\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/taceconomics.com\/fr\/emerging-markets-risk-fragmentation-2026\/\" aria-label=\"En savoir plus sur Emerging Markets: Lower aggregate risk, higher fragmentation\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-28287 post type-post status-publish format-standard has-post-thumbnail hentry category-geopolitical-risk\" role=\"listitem\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/taceconomics.com\/fr\/risque-geopolitique-approche-quantitative-risque-pays\/\" tabindex=\"-1\" >\n\t\t\t<div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"160\" src=\"https:\/\/taceconomics.com\/wp-content\/uploads\/2024\/12\/Offre-geopolitique-300x160.png\" class=\"attachment-medium size-medium wp-image-22543\" alt=\"\" srcset=\"https:\/\/taceconomics.com\/wp-content\/uploads\/2024\/12\/Offre-geopolitique-300x160.png 300w, https:\/\/taceconomics.com\/wp-content\/uploads\/2024\/12\/Offre-geopolitique-18x10.png 18w, https:\/\/taceconomics.com\/wp-content\/uploads\/2024\/12\/Offre-geopolitique-200x107.png 200w, https:\/\/taceconomics.com\/wp-content\/uploads\/2024\/12\/Offre-geopolitique.png 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/taceconomics.com\/fr\/risque-geopolitique-approche-quantitative-risque-pays\/\" >\n\t\t\t\tDans un monde d\u2019instabilit\u00e9 durable, une nouvelle lecture du risque pays\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tf\u00e9vrier 12, 2026\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-post__read-more-wrapper\">\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/taceconomics.com\/fr\/risque-geopolitique-approche-quantitative-risque-pays\/\" aria-label=\"En savoir plus sur Dans un monde d\u2019instabilit\u00e9 durable, une nouvelle lecture du risque pays\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>L\u00e9a Dauphas a soulign\u00e9 le ralentissement inattendu de l\u2019inflation aux \u00c9tats-Unis en mai. Les chiffres du mois montrent une progression mensuelle modeste, inf\u00e9rieure aux attentes des analystes : +0,1 %, l\u00e0 o\u00f9 parlait le consensus.<br \/>\nCette baisse s\u2019explique notamment par la diminution des prix de l\u2019essence, particuli\u00e8rement sensible sur les composantes volatiles de l\u2019inflation.<\/p>","protected":false},"author":5,"featured_media":26295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[56],"tags":[],"class_list":["post-26292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>L\u2019inflation am\u00e9ricaine en mai : un coup de frein inattendu. - TAC ECONOMICS<\/title>\n<meta name=\"description\" content=\"Inflation am\u00e9ricaine en mai 2025 : un ralentissement inattendu. 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