French inflation will be 1.4% in 2025, says Budget Minister

French Budget Minister Amelie de Montchalin said Wednesday the government was targeting inflation of 1.4% this year and public spending cuts of between 30 billion euros ($30.9 billion) and 32 billion euros. in the 2025 budget.

Montchalin also told TF1 television that the government hoped to reach an agreement on the 2025 budget in parliament by the end of January.

During a speech to Parliament on Tuesday, French Prime Minister Francois Bayrou opened the door to renegotiating the controversial pension reform in a bid to win over the left-wing lawmakers he needs to pass the 2025 budget.

Inflation measured by France's own consumer price index (CPI) was 1.3% during the year to December, in line with the 1.3% reported in November, according to preliminary data from statistics agency INSEE.