Inflation continues to run, never higher since 2012

Inflation a October accelerates for the fourth consecutive month (+ 3% yoy), after the confirmation in July of the growth rate of consumer prices in June and the first five months of marked recovery, thus moving from a negative change recorded in December 2020 to a growth of an extent that has not been recorded since September 2012 (when was equal to + 3.2%). Istat underlines this in the comment on inflation data in October.

In October, it is estimated that the national consumer price index for the entire community, gross of tobacco, registers an increase of 0.7% on a monthly basis and 3.0% on an annual basis (from + 2.5% of the previous month); the preliminary estimate was + 2.9%. Istat notes it.

The further acceleration, on a trend basis, of inflation is largely due, also in October, to the prices of energy goods (from + 20.2% in September to + 24.9%) and to those of the regulated (from + 34.3% to + 42.3%) and at the prices of the non-regulated one (from + 13.3% to + 15.0%). The prices of transport services also accelerated compared to September, but to a lesser extent (from + 2.0% to + 2.4%).

Core inflation, net of energy and fresh food, rose from + 1.0% to + 1.1%, while that net of energy goods alone remained stable at + 1.1%.

The cyclical increase in the general index is mainly due to the growth in prices of regulated energy goods (+ 17.0%) and only to a lesser extent than the prices of unregulated energy (+ 1.0%) and unprocessed food (+ 0.7%).

On the other hand, the prices of transport services (-0.7%) and recreational, cultural and personal care services (-0.3%) decreased for reasons attributable mostly to seasonal factors.

Every year accelerate the prices of goods (from + 3.6% to + 4.2%), while the growth of those of services is stable (+ 1.3%); the inflation differential between the latter and the prices of goods remains negative (-2.9 percentage points), widening compared to that recorded in September (-2.3).

The harmonized index of consumer prices (HICP) recorded an increase of 0.9% on a monthly basis and of 3.2% on an annual basis (from + 2.9% in September); the preliminary estimate was + 3.1%.

The national consumer price index for blue-collar and white-collar households (FOI), net of tobacco, recorded an increase of 0.6% on a monthly basis and 3.0% on an annual basis.

Shopping cart runs in October, + 1%

The so-called ‘shopping cart’ runs in October. Istat notes this, explaining that the prices of food goods, for home and personal care are accelerating (from + 0.9% to + 1.0%) and those of products with a high frequency of purchase (from +2 , 6% to + 3.1%).

In detail, the growth in the prices of foodstuffs is stable at + 1.0% (+ 0.3% compared to September) due to the prices of processed food (+ 1.0% as in the previous month; -0.1 % the economic situation), while the prices of unprocessed food slow down (from + 1.0% to + 0.8%; + 0.7% on a monthly basis) due to the prices of fresh or chilled vegetables other than potatoes (which reverse the trend from + 3.9% to -0.3 /%; + 1.0% compared to September), while those of fresh and chilled fruit continue to decline but to a lesser extent (from -2.4% to -1.0%; + 2.1% on a short-term basis).

By Editor

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