Inflation: Istat, slowing down, +6.4% year on year stopped in June
Istat confirms the ongoing slowdown in inflation. In fact, in June 2023, it is estimated that the national consumer price index for the entire community (NIC), gross of tobacco, will register a zero change on a monthly basis and an increase of 6.4% on an annual basis, from +7.6% in the previous month, as per the preliminary estimate. This is what we read in the note on consumer prices from the Central Institute of Statistics. The deceleration of the inflation rate is due, in the first place, explains Istat, to the slowdown on a trend basis in the prices of non-regulated energy goods (from +20.3% to +8.4%) and, to a lesser extent, of processed food (+13.2% to +11.5%), services relating to transport (from +5.6% to +4.7%) and the more marked decline in regulated energy (from -28, 5% to -29.0%).
On the other hand, the dynamics of the general index were supported by the increases in the prices of unprocessed food (from +8.8% to +9.4%). As regards “core inflation”, net of energy and fresh food, it slowed further (from +6.0% to +5.6%), as did that net of energy goods alone (from + 6.2% recorded in May at +5.8%).The growth on an annual basis of the prices of goods also weakens (from +9.3% to +7.5%) and, to a lesser extent, that of services (from +4.6% to +4.5%), bringing the inflation differential between the services and goods sectors to -3.0 percentage points, from -4.7 in May. 2023 is +5.6% for the general index and +4.9% for the fund component.
Inflation: Istat slows down the Ipca but broader impact on families with lower spending power
In the second quarter of 2023, the impact of inflation, measured by the HCP, is greater on households with lower spending power than on those with higher spending levels (+9.4% and +7.1% respectively). However, compared to the previous quarter, the slowdown in inflation is more marked for low-income households. This is what Istat records in the consumer price observatory which in fact records a “clear deceleration” in the harmonized index of consumer prices, the Ipca, which in June increased by 0.1% on a monthly basis and by 6 .7% year-on-year compared to +8% in May.
Inflation: Codacons, slowed down well but it’s expensive-transport In just one month domestic air tickets +17.8%, ferries +6.1%
The slowdown in inflation is good news for consumers and for the Italian economy, but the data, as also noted by Istat, is clearly influenced by the trend of energy goods and, for some sectors such as food and transport, the price lists continue to remain at extremely high levels. This was stated by Codacons, commenting on the data released today by Istat. “The deceleration of inflation to 6.4% is equivalent to a higher annual expenditure of +1,872 euros for the “typical” family, +2,425 euros for a household with two children. The drop in bills, especially on the free market, has had a considerable impact on the inflation rate, but not all sectors benefit from these positive effects: food, for example, recorded a still very high annual increase in prices in June , +11%”, analyze the Codacons . Then there is the acceleration of tariffs in the transport sector, which is affected by seasonal factors and the arrival of summer, consumers are still complaining. In fact, the prices of air tickets rise on average by +23.5% on an annual basis, with peaks of +28.9% for domestic flights, while on a monthly basis they even increase by +10.9%, with peaks of +17%, 8% for national routes. Ferry fares are also growing again, registering a cyclical increase of +6.1%. Lastly, geographically speaking, notes Codacons again, by monitoring the trend of retail price lists in large cities with more than 150,000 inhabitants, it turns out that it is Genoa that has the highest inflation, with a rate of +8.5%, followed by Florence (+7.6%); power at the rear, where prices grew by only +3.8% in June
Inflation: Absolute users, for food growth still sustained, government card is not enough
“The slowdown in inflation is undoubtedly a good thing, but it is clear that something is not right on the food and shopping cart front. For this reason we urge the Meloni Government to accept the request of consumer associations and Assoutenti to launch, in the area, “expense-saving” baskets with basic necessities sold at controlled prices, in agreement with traders, producers and large-scale distribution, so to support families in difficulty by allowing them to put food on the table without suffering bloodletting”. This was stated by Assoutenti, commenting on the data released today by Istat. “Despite the collapse of energy and the reduction in energy prices also certified by Istat, the price lists of food products rose in June by +0.4% compared to the previous month, settling at +11% on a trend basis. Those “unworked” even increase by +0.8% compared to May, when in reality a decrease was expected – explains the president Furio Truzzi – A family with two children, with the same consumption, thus finds itself spending +846 euros per year only for the purchase of food and drink, +620 euros for the “typical” family. Spending increases that demonstrate how the “Dedicated to you” card launched by the Government to help less well-off families in their daily shopping cannot be enough”.
Inflation: Unc, a good decrease but not enough, on average per family hit by 1390 euros
“The drop is good, but it’s not enough. The slowdown in inflation is proceeding too slowly after the drop in the cost of energy which has now lasted since January, over 6 months ago, and the repeated interventions of the ECB. An unsatisfactory reduction, which leaves a bad taste in the mouth. In short, we are faced with the usual problem of double speed: companies are immediately ready to raise prices as soon as production costs rise but much slower to bring them down when the trend is reversed”. So Massimiliano Dona, president of the ‘National Consumer Union, commenting on the Istat data. “For a couple with two children, the +6.4% means a sting equal to 1834 euros on an annual basis, of which 846 are used only to meet the 11% price increases of food and drink. For a couple with 1 child, the additional annual expense is equal to 1673 euros, 764 for food and drink. On average for a family the blow is 1390 euros, 620 for food products and soft drinks. The primacy goes to large families with more than 3 children, the only ones to still have a blow of more than 2000 euros, 2068 to be precise, 1010 just to feed and quench their thirst” concludes Dona.
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