The purchasing power problem will get worse

We look at the situations of the United States, the euro zone and France. Household purchasing power has become a very important factor of public debate, and in 2022 household purchasing power is declining sharply. Unfortunately, the purchasing power problem will probably continue to worsen in the medium term due to: The lasting effects on commodity prices (energy, metals, agricultural products) of the shift in the structure of demand to goods, the embargo on Russian products, the energy transition, and climate disorders; The scarcity of housing, which is causing housing prices to rise sharply and structurally; The reduction in governments' capacity to boost household purchasing power through increases in public debt and interest rates. But what can be done when the relative prices of basic goods continuously rise, when a significant part of these products is imported and when we reach the limit of redistributive policies?