MILANO – Slight downward revision for inflation, compared to the preliminary estimate, but in substance it changes very little: the race in consumer prices in Italy accelerated in November, marking a record since 2008, mainly due to energy prices. A survey that comes as the government launches a new 3.8 billion intervention to at least partially sterilize the effect on household and business bills.
Dragons on bills: “Who earned shared”
But it is increasingly evident that this post, albeit substantial, will struggle to be sufficient. On the other hand, the price of gas continues to mark record levels and some in the executive are already making it clear that at this rate it is not possible to go ahead and put things in order: “Let’s evaluate how to increase the share of national gas production, with the same consumption internal, reducing imports “, says Roberto Cingolani. The same premier Draghi, speaking to the House, he anticipated that the government is ready to put more money on the plate: “Our priority is to limit the volatility of energy prices, which risks having a significant impact on the balance sheets of households and businesses – he said – In particular, we want to protect the weakest sections of the population, who are most affected by these increases. “. “From June to today – he added in particular on bills – the Government has allocated more than 4 billion euros to contain the increase in tariffs: 1.2 billion in June and more than 3 billion in September. For next year , we have planned to spend another 3.8 billion, and we are ready to add more resources if the price trend does not stabilize “.
Draghi therefore reiterated that it is necessary to separate the emergency from the structural trends: against the expensive bills there are “massive allocations, of an unprecedented extent, aimed at relieving the weakest from the rise in energy costs. infinity therefore a structural solution is needed and a reflection on the energy price mechanism must be made “. “In Europe, a reflection has begun in which Cingolani is the active part. It is difficult to think of a structural reflection that does not call those who have gained profits to share in the common costs” from the rise in gas.
One more year for the protected market
Meanwhile, a new postponement is looming for the end of the protected market. The expiry of the enhanced protection service scheduled for 31 December 2022, with the forced transition to the free market from 1 January 2023, gives way to a transitional regime in which domestic customers can remain ‘protected’ until 1 January 2024, thus ensuring a gradual exit path. This is the major change contained in the amendment to the Recovery decree signed by the M5S group leader in the Chamber, Davide Crippa, reformulated during the examination in the Budget Committee and approved today.
Istat prices
Let’s stay with the price data. Istat has therefore revised the inflation estimates downwards. In November it is estimated that the national consumer price index for the whole community (NIC), gross of tobacco, will increase by 0.6% on a monthly basis and 3.7% on an annual basis ( from + 3.0% in October). The preliminary estimate was + 3.8%. The further acceleration, on a trend basis, of inflation is once again largely due to the prices of energy goods (from + 24.9% in October to + 30.7%) and, in particular, to those of the not regulated (from + 15.0% to + 24.3%). In fact, the Institute comments that inflation is taking “to a level not recorded since September 2008 and continuing to be sustained above all by the growth in the prices of energy goods, with the acceleration of the unregulated component that follows that of the regulated component registered in October “.
That’s why gas has hit all-time highs and how long will bills go up
by Luca Pagni
The prices of the so-called “shopping cart”, which includes Food, household and personal care goods, also recorded a tendential acceleration in November (from + 1.0% to + 1.2%). The acceleration of high-frequency purchasing products was more sustained (from + 3.1% to + 3.7%). The previous estimate of the prices of the “shopping cart” was + 1.4% while for products with high purchasing frequency it was + 3.8%.
Codacons immediately went to the account speaking of a “massacre” which – out of the total consumption of the family – is worth +1.137 euros per year. “This is the highest inflation rate of the last 13 years, an upward trend that will have heavy effects on household consumption – says president Carlo Rienzi – The strong increase in retail price lists will have negative consequences on Christmas spending, reducing family purchases linked to the holidays: as already foreseen by the Codacons surveys and confirmed by the merchant organizations, the number and extent of gifts will drop this year, and there will be a sharp contraction in spending in the year-end travel sector, just as a reaction the sharp rise in prices and tariffs in all sectors “.
No less harsh tones from the National Consumers Union, which speaks of a “Caporetto of consumption” and “of a sting that will slow down the recovery in progress”. “This is why the Government, instead of continuing with the ballet of the figures on how much it intends to allocate to block the next increases in electricity and gas, first 1 billion, then 2, then 2.8, yesterday 3.8, today Draghi says they are ready to add other resources, it should stop the increases, no ifs and buts “, attacks President Massimiliano Dona.
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