A new, small, inflation-slowing little drop, hardly “perceived” by Italian families, is now smashed by months of price increases in food, fuel and transport. According to the final data released by Istat, the national consumer price index (NIC), gross tobacco for the whole community in July, is still unchanged on a monthly basis, showing an annual increase of 5.9%. 6.4% in the previous month (pre-estimate was +6%).
Inflation slows down: July data
“Core inflation” excluding energy and fresh food also slowed (from +5.6% to +5.2%), energy only (from +5.8%, 5.5% recorded in June) 5.5) – and the shopping cart: prices of food, household and personal care products trended from +10.5% to +10.2%, prices of high-frequency purchased items from +5.7% to +5% It drops to .5. “The slowdown in the inflation rate – explains Istat – is primarily due to the slowdown in the upward trend in prices of transport-related services (from +4.7% to +2.4%), unregulated energy products (+8.4% to +4%) 7.0), processed food (+11.5% to +10.5%) and to a lesser extent other commodities (+4, 8% to +4.5%) and year-on-year expansion regulated Decrease in energy (-29%) From .0 to -30.3% These effects include price increases for unprocessed food (from +9.4% to +10.4%) and housing-related services (from +3.5% to -3%) 30.3%) only partially offset by +3.6%”.
Shopping cart: a thousand euros for families beating
The slowdown in inflation will not have a significant impact on the shopping cart. On the contrary, prices remain too high, as Massimiliano Dona, President of the National Consumers’ Association, points out: “A meager drop, with a measuring cup. Inflation is falling, but families don’t notice it. Prices are essentially the same month for both the overall index and food products.” at the same level. Even at the trend level, the slowdown in inflation is due to a decrease, especially for essential expenditures. Food products actually pass from +11% in June to +10.7%, while the shopping cart is down from +10.5% compared to the previous month Stuck at +10.2%. failed miserably”.
“For a once traditional family couple with two children, 5.9% inflation means an increase in the cost of living equal to 1699 euros on an annual basis. Of these, only 823 euros is a good figure, Dona concludes. 10% on food and soft drinks Need to cope with 0.7% increase, single item Housing, water and electricity (+9%) 340 euros, +10.2% shopping cart 864 euros. With 1 child, largest annual expenditure 743 euros for food and drink, 785 euros equals 1548 euros for food, household and personal care. The average blow for a family is 1288 euros, 603 euros for food and drink, 636 euros for daily shopping. Additional spending of 1,917 euros for large families with more than 3 children , over one thousand euros (1,024 euros) for the shopping cart.”
ordeal on holiday
From spending to holidays, Istat data for July also shows that Italians are in trouble during their summer holidays. An expensive summer condemned by the head of Assoutenti Furio Truzzi: “Inflation for the transport and leisure sector is not only not falling, but at stellar levels. Domestic flights increased by 9% in just one month (+9.1% for intercontinental flights), and +26.1% year-on-year, hotel prices increased +19%, holiday packages +17% Ferries 6.1% more expensive compared to the previous month Italy’s holiday spending between July and August compared to what was paid last year + “It will bring 1.2 billion euros, and that’s despite the reduction in the number of nights spent away from home,” he said.
“Analyzing the trend of rates applied by accommodation facilities – adds Assoutenti – it turns out that the city with the highest price increases in Italy in July was Rome, where prices for hotels, hostels, hostels and more increased by an average of 31.3% year-on-year. a trend is Genoa with 31%, Venice with 24.7%, followed by Milan with 24.6%”.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
