Who makes inflation gallop in Italy
In July, inflation grew by 0.4% on a monthly basis, but by 7.9% on an annual basis. What the Istat data say
In July, Inflation increased by 0.4% on a monthly basis, while the figure on an annual basis was + 7.9%, against + 8.0% in the forecast month.
WHAT THE ISTAT DATA SAY
The Istat price estimate confirms the preliminary estimate, with the growth remaining in the twelve-month calculation even though it is reduced by a tenth percentage. While the data on that acquired for 2022 marks + 6.7%.
THE "SHOPPING CART" NEVER SO HIGH SINCE 1984
What is worrying above all is the price rush of the so-called "shopping cart", which reaches + 9.1%, registering an increase that has not been observed since September 1984: it was the year of the signing of the new agreement between Italy and the Holy See and the first Macintosh made by Apple, another era.
CONTRASTING PERFORMANCE
The trend of the data is mixed. On the one hand, in fact, the prices of energy goods slowed down (from + 48.7% in June to + 42.9%), which grew with the invasion of Ukraine by Russia and with the gas crisis.
Regulated prices rose from + 64.3% to + 47.9%, while non-regulated prices rose by 39.8% (from + 39.9%).
On the other hand, the prices of recreational, cultural and personal care services decelerated (from + 5.0% to + 4.6%). At the same time, however, the prices of processed food goods accelerate (from + 8.1% to + 9.5%), transport services (from + 7.2% to + 8.9%), non-durable goods ( from + 2.9% to + 3.6%), durable ones (from + 2.8% to + 3.3%) and various services (from + 1.1% to + 1.6%). The prices of home and personal care products also run (from + 8.2% to + 9.1%).
WHAT ISTAT SAYS
“The slowdown in the prices of energy goods recorded in July does not stop the long wave of inflationary tensions that are spreading to other product sectors”, comments Istat.
The institute explains that the growth in the cost of processed food, of durable and non-durable goods, of transport-related and various services is accelerating, "pushing inflation net of energy and fresh food (core component; +4 , 1%) and that net of energy goods only (+ 4.7%) at levels not seen, respectively, since June and May 1996 ”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/inflazione-luglio-2022/ on Wed, 10 Aug 2022 13:10:10 +0000.