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

Montchalin also told TF1 television that the government was hoping to get a deal on the 2025 budget in parliament by end-January.

On Tuesday, during a speech to Parliament, French PM Francois Bayrou opened the door to renegotiating the disputed pension reform in a bid to win over left-wing lawmakers he needs to pass the 2025 budget.

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