Autumn, with soaring inflation, promises to be really hot, if not downright hot, for millions of families. Blame the skyrocketing prices, from mortgages which stand at +44%, to petrol (+21%) to tourist services and the increase in prices on the shopping cart in general.
The recently concluded report by Facile.it and Consumerismo Non profit analyzed the main items of family spending to understand which ones have grown the most in the last year and which ones could increase further in the coming months. From mortgages to loans, from bills to petrol, car insurance, telephony, shopping trolleys, fruit and vegetables, transport and tourism, here’s what emerged.
Car and motorcycle insurance
In the last year the price of car and motorbike insurance has increased; according to the analysis by Facile.it, in August 2023 to insure a four-wheel vehicle in Italy, on average, 591.10 euros were needed, i.e. 26% more than in 2022, when the average premium was equal to 469.10 euros. It went even worse for those who travel on two wheels; in August 2023 the average price quoted online for a motorcycle policy reached 502.07 euros, i.e. 148 euros more than in the same month of 2022 (+41%).
Petrol and diesel
In addition to TPL, there is the fuel issue that weighs on the pockets of motorists and motorcyclists. If in July 2023 Italians were partially saved, with prices increasing, but still lower than last year, the real blow came in August and, above all, in September. Looking at the average price recorded at the pump* in the week from 18 to 24 September, it emerges that to fill up, on average, it cost 21% more than the previous year for a petrol car, 10% more for one diesel.
Electricity and gas
Last year electricity and gas prices reached their peak during the summer period, therefore looking at the tariffs in force in August 2023 in the protected market for a typical family the price seems low overall; -43% for electricity and -26.8% for gas. But this is, as mentioned, an optical illusion due to the extraordinary values achieved twelve months ago; unfortunately, bills today are still high, decidedly higher than those we paid before the outbreak of the pandemic and war. In August 2023, a typical family with a supply contract in the protected market spent 54 euros on the electricity bill, 18% more than in 2019, while they paid 106 euros for gas, 27% more than in August 2019. Prices, however, could rise further in the last quarter of 2023, when energy consumption increases; last month the gas tariff in the protected market grew by 2.3%. Not a good sign ahead of the coldest months of the year.
Mortgages
Mortgage installments, as is known, are one of the expenditure items that have grown the most in the last year; if those who have already taken out a fixed rate loan before the increase in indices can feel comfortable, the same cannot be said for those who have a variable mortgage or those who intend to buy a house in the next few months. According to the analysis by Facile.it, an average variable rate loan taken out at the beginning of last year saw the installment grow from 515 euros in September 2022 to 740 euros in September 2023, with an increase of 225 euros (+44 %). The good news is that the increases may be nearing an end; the peak is expected by December, from then on the indices should stabilize and then, very gradually, fall again. It will be a slow descent, but still a descent.
Loans
The world of consumer credit has also been affected by the general increase in the cost of money, which has translated into an increase in the interest rates offered to customers. Looking at the personal loan requests collected by Facile.it, for a 10,000 euro loan to be repaid in 5 years, the average rate (Tan) went from 7.96% in September 2022 to 9.51% in September 2023, with a 19% increase. In terms of installment, this is approximately 7 euros more per month which, calculated over the entire duration of the loan, translates into an increase of approximately 420 euros.
Shopping cart
The “shopping cart” is the container of the largest increases in the last two quarters, above all for a set of reasons ranging from the climate crisis to the energy crisis, in addition to the effects that inflation is having on all supply chains. What are the products that have undergone the most increases in 2023 within the so-called essential basket, which is made up of primary and indispensable goods for families? Extrapolating the official data for September and comparing the basket of some of the main consumer products such as sugar (1kg), olive oil (800ml), potatoes (1kg), tomatoes (1kg), rice (500g), preserved milk (1lt), baby food (1kg baby food package) and packaged bread (1kg), there was an increase of 24.5%. According to Consumerismo No Profit, considering that the average weekly expense for a family of 4 people is around 120 euros, it means that to fill the cart with essential goods it will be necessary to spend around 480 euros per month, equal to 5,760 euros per month. year, with an increase of over 1,100 euros compared to 2022.
Fruit and vegetables
Although an integral part of the “shopping cart”, fruit and vegetables deserve a separate discussion, the prices of which are constantly increasing, with double-digit increases linked to several factors and in particular to climate inflation, that is, that phenomenon which where extreme climatic events (such as those which occurred in spring and early summer) have negative consequences on product prices even many months later. On a cumulative basis, from the beginning of the year to August, just over 2 million tonnes of fruit and vegetables were purchased in our country and, looking only at the first five months of 2023, due to the increases there is a shortfall of 8% equal to 169 thousand tonnes: this indicates that Italians are increasingly giving up fruit and vegetables due to the increases that are perceived almost instantly every time they go shopping. On average, fruit and vegetables have undergone increases of 20%, but some products are particularly more expensive. Among these we see pears, plums, peaches, apples, onions, potatoes, carrots, pumpkins and radicchio; paradoxically it would seem that even the old and healthy potato and onion soup has become an “almost luxury” good for Italians. For fruit and vegetables alone, Italians will have to take into account an increase of around 8 euros per month (on an average expense of 40 euros per week), for a total of 96 euros more per year.
Transport and tourism are more expensive in Italy
Traveling and holidaying in our country has become more difficult economically given that, as already highlighted in the “Cara Italia” report for the summer period, all the upward trends are confirmed in autumn too. Due to the increase in inflation, the cost of fuel and energy materials, the entire sector has adjusted prices, reaching an average increase of 9.4%. Simulating a weekend for two in an Italian city of art can cost up to 700 euros. In particular, for a weekend in Rome, Florence, Venice, Milan or Turin, if we add accommodation (B&B), travel (high-speed train) and food (lunch and dinner in a tavern), the cost is around 370 euros per person. person, 740 euros for a couple without children. With an increase of up to 25% compared to the same period last year, especially due to increases in the cost of accommodation and catering.