I BRING – Greetings – News – ITALY

The price increase observed since the second half of 2021 has hit households in the bottom fifth of the distribution of equivalent expenditure to a greater extent due to the different composition of their consumption basket. This was noted by Bank of Italy, explaining that taking into account the different consumption basket, “the annual inflation rate for those households was 5.3 per cent in December 2021 and 17.9 per cent in the same period of 2022, against 3.5 per cent and 9.9 per cent for households belonging to the highest fifth in spending”. For the poorest households, gross household income from employment grew more in nominal terms than for the wealthiest fifth mainly thanks to the growth in employment in these households. “In 2021 – reads the Annual Report – gross family income from employment in nominal terms also increased more, on average, for families belonging to the lowest spending fifth: compared to 2018, the increase was 13 % in the first fifth, while in the last it was 5%.The most marked increase in average labor incomes in the first fifth is mainly due to the greater increase in the number of employed people in the poorest households favored by the recovery of the labor market after the pandemic”. “The data currently available do not allow analyzing the evolution of the incomes of the various types of households in 2022, – we read – but it is probable that the good performance of the labor market and the sectoral composition of employment growth have mitigated the effects of the more high rates of inflation on the incomes of households with lower spending”. (HANDLE).
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