Istat confirms the preliminary estimate on inflation in June, which accelerated to + 8.0%, a rate that had not been recorded since January 1986 (when it was equal to + 8.2%). The statistical institute underlines that the acceleration in the prices of processed food (from + 6.6% to + 8.1%) and unprocessed (from + 7.9% to + 9.6%), pushes even more at the top the price increase of the so-called “shopping cart”: + 8.2%, never so high since January 1986, when it was + 8.6%.
Heavier inflation for less well-off families: it is 9.8% +
The acceleration of inflation in the second quarter of 2022 is largely determined by energy goods but also involves goods such as food and, to a lesser extent, services. Since goods have a greater impact on the spending of less well-off households, and services weigh more on the wealthier ones, the rise in inflation marks higher values for households with less spending power. For them it goes from + 8.3% in the first quarter to + 9.8% in the second quarter, while for the wealthier ones it accelerates from + 4.9% to + 6.1%. Therefore, the class differential widens to 3.7 percentage points.
In June + 1.2% on the month and + 8% on the year
As mentioned, Istat confirms for the month of June a growth in consumer prices equal to 1.2% on the month and 8% on the year, at the top since 1986 (when it was 8.2%). In a context of widespread inflationary tensions, explains the Institute of Statistics, 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 passes from + 42.6% in May to + 48.7%) and in particular of unregulated energy (from + 32.9% to + 39.9%; the prices of regulated energy goods continue to record very high but stable growth at + 64.3%), and on the other hand to those of foodstuffs, both processed (from + 6.6% to + 8.1%) and unprocessed (from + 7.9% to + 9.6%) , recreational, cultural and personal care services (from + 4.4% to + 5%) and services relating to transport (from + 6% 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 for hundred.
For food goods + 8.2%
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). Both the prices of food goods, for home and personal care (from + 6.7% to + 8.2%), and those of products with high purchasing frequency (from + 6.7% to + 8.4%). The cyclical increase in the general index is due to various components and in particular to the prices of non-regulated energy goods (+ 6%), to which are added those of services relating to transport (+ 2%), of processed food (+1 , 6%), recreational, cultural and personal care services (+ 1.3%) and Non-durable goods (+0.7%). Inflation acquired for 2022 is equal to +6.4 % for the general index and + 2.9% for the core component. At the level of the harmonized index of consumer prices, which allows comparison with other European countries, the June index increases on a monthly basis by 1.2% and by 8.5% on an annual basis (from +7, 3% in the previous month), confirming, also in this case, k the preliminary estimate.
Shopping cart, the record since 1986
«In June – comments Istat – inflation accelerates again, rising to a level (+ 8%) that has 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 was + 8.6%) “.