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Istat: inflation accelerates and reaches 8% on an annual basis

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Istat: inflation accelerates and reaches 8% on an annual basis

In June 2022, the national consumer price index for the entire community, gross of tobacco, is estimated to have increased by 1.2% on a monthly basis and by 8.0% on an annual basis from + 6.8% of the previous month. This confirms the preliminary estimate. In a context of widespread inflationary tensions, the further acceleration of the growth on a trend basis of the general consumer price index is mainly due, on the one hand, to the prices of energy goods, whose growth went from + 42.6% in May to + 48.7%, and in particular of non-regulated energy sources (from + 32.9% to + 39.9%). The prices of regulated energy goods continue to record very high but stable growth (at + 64.3%). On the other hand to those of food goods, both processed (from + 6.6% to + 8.1%) and unprocessed (from + 7.9% to + 9.6%), recreational, cultural and personal care (from + 4.4% to + 5.0%) and transport-related services (from + 6.0% to + 7.2%). “Core inflation”, net of energy and fresh food, accelerates from + 3.2% to + 3.8% and that net of energy goods alone from + 3.6% to + 4.2% . On an annual basis, both the prices of goods (from + 9.7% to + 11.3%) and those of services (from + 3.1% to + 3.4%) accelerate; therefore, the negative inflation differential between the latter and the prices of goods widens (from -6.6 in May to -7.9 percentage points). The prices of food goods, for home and personal care (from + 6.7% to + 8.2%) and those of products with high frequency of purchase (from + 6.7% to +8) accelerate. , 4%). The cyclical increase in the general index is due to various components and in particular to the prices of non-regulated energy goods (+ 6.0%), in addition to those of transport services (+ 2.0%), food processed (+ 1.6%), recreational, cultural and personal care services (+ 1.3%) and non-durable goods (+ 0.7%). The inflation acquired for 2022 is equal to + 6.4% for the general index and + 2.9% for the core component. The harmonized index of consumer prices (HICP) increases on a monthly basis by 1.2% and by 8.5% on an annual basis (from + 7.3% in the previous month), confirming the preliminary estimate.
The comment from the Institute of Statistics underlines that «In June, inflation accelerates again, rising to a level (+ 8.0%) that had not been recorded since January 1986 (when it was equal to + 8.2%). Inflationary tensions continue to spread from energy goods to other product sectors, both in goods and in services. Therefore, consumer prices net of energy and fresh food (core component; + 3.8%) and net of energy goods only (+ 4.2%) record increases that have not been seen since August 1996 and since June 1996. At the same time, the acceleration in food prices, processed and unprocessed, pushes the growth of those of the so-called “shopping cart” even higher (+ 8.2%, never so high since January 1986 when it was + 8.6%) “.

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