Suppose A local. Let s be an integer ≥1 and, for 1≤i≤s, let δi be an integer >0, xi an element of mAδi, and ξi its class in mAδi/mAδi+1. Suppose that (x1,...,xs) is a secant sequence for A. Let x denote the ideal of A generated by (x1,...,xs). Then one has e(A/x)≥δ1...δs⋅e(A), with equality if (ξ1,...,ξs) is a completely secant sequence for gr(A).
Put B=A/x, and consider the formal series
HA=n≥0∑long(mAn/mAn+1)⋅Tn,HB=n≥0∑long(mBn/mBn+1)⋅Tn
and HB(s)=(1−T)−sHB. By prop. 6 of § 4, No. 5, one has in Z[[T]] the inequality
HB(s)≥(i=1∏s1−T1−Tδi)HA,
and there is equality when the sequence (ξ1,...,ξs) is completely secant. But
R(T)=i=1∏s1−T1−Tδi
is a polynomial of Z[T] such that R(1)=δ1...δs. Put dim(A)=d; one has dim(B)=d−s. By th. 2 of § 4, No. 3, there exist elements RA and RB of Z[T,T−1] such that
HA=(1−T)−dRA(T),RA(1)=e(A),
HB=(1−T)−d+sRB(T),RB(1)=e(A/x).
Hence one has
(1−T)−dRB(T)=HB(s)≥(i=1∏s1−T1−Tδi)HA=(1−T)−dR(T)RA(T), and equality holds if the sequence
(ξ1,...,ξs) is completely secant. One concludes by Lemma 2 of § 4, No. 1.
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.
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