A detail on food sales is striking: the growth trend in value is considerable (+6.2%) but the growth in volume is down (-5.4%), i.e. we buy fewer products that cost more.
This happens despite inflation is declining. However, if we look at how this decline is, we note that it is essentially due to the decrease in energy prices which compensate for the growth in the shopping cart. Among other things, the drop in energy products is contained compared to the fact that, on the other hand, there is a collapse in the wholesale market (the excise and tax component of bills, as well as free market prices almost cancel out the low prices of the raw material).
Let me be clear: we are not starving and in despair. Let’s just talk about trends. Worrying because while inflation falls and retail sales remain substantially stable, analyzing the details reveals a good adaptation of consumers, who buy less spending more, If the situation were to continue in these terms it is probable that, in the months to come, worries could become critical issues.
Government intervention would be more than appropriate to try to maintain at least the current balance. Intervention that should concern the tax exemption of products and services more sensitive to growth. Tax exemption for consumers and producers, acting on indirect taxes (VAT) and direct ones (producers and retailers tax burdens).
At the moment we don’t see anything, but we can’t help but be optimistic in the wait.
Here the video on Aduc’s YouTube channel
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