Record inflation, highest since 1984 – The Gulf 24

Inflation soars in October. The national consumer price index for the entire community, gross of tobacco, recorded an increase of 3.4% on a monthly basis and 11.8% on an annual basis (from +8.9% in the previous month ); the preliminary estimate was +11.9%. This is what emerges from the final data released today by Istat. It is necessary to go back to March 1984 (when it was +11.9%) for a tendential variation of the general Nic index higher than +11.8%.

The strong acceleration of inflation on a trend basis is mainly due to the prices of energy goods (the growth of which passes from +44.5% in September to +71.1%) and regulated (from +47.7% to +51, 6%) both unregulated (from +41.2% to +79.4%), and to a lesser extent to the prices of food goods (from +11.4% to +13.1%), and processed (from + 11.4% to +13.3%) and non-processed goods (from +11.0% to +12.9%), and other goods (from +4.0% to +4.6%). . Istat underlines this when commenting on the final inflation data for October. On the other hand, the prices of recreational, cultural and personal care services slow down (from +5.7% in September to +5.2%). Core inflation, net of energy and fresh food, accelerates from +5.0% to +5.3% and that net of energy goods alone from +5.5% to +5.9% . On an annual basis, the prices of goods accelerated (from +12.5% ​​to +17.6%), while those of services slowed down slightly (from +3.9% to +3.8%); therefore, the negative inflationary differential between the latter and the prices of goods widens markedly (from -8.6 in September to -13.8 percentage points).

The cyclical increase in the general index is mainly due to the prices of unregulated energy goods (+28.3%), regulated energy goods (+20.0%) and to a lesser extent those of unprocessed food (+2 .4%), processed food (+1.6%), non-durable goods (+0.7%) and durable goods (+0.6%); on the other hand, mainly due to seasonal factors, the prices of recreational, cultural and personal care services (-0.7%) and services relating to transport (-0.8%) decreased. The inflation acquired for 2022 is equal to +8.0% for the general index and +3.7% for the core component. The harmonized index of consumer prices (IPCA) increased by 3.8% on a monthly basis and by 12.6% on an annual basis (from +9.4% in the previous month); the preliminary estimate was +12.8%. The national consumer price index for blue-collar and white-collar households (Foi), net of tobacco, recorded an increase of 3.3% on a monthly basis and 11.5% on an annual basis.

In October, the shopping cart will speed up: +12.6%

In October, the prices of food goods, for home and personal care, accelerated from +10.9% to +12.6%, and those of frequently purchased products, from +8.4% to + 8.9%. This is what emerges from the final data released by Istat. It is necessary to go back to June 1983 (when they recorded a trend variation of +13.0%) to find an annual growth in the prices of the “shopping cart” higher than that of October 2022.

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Codacons: We are facing a national emergency

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Carlo Rienzi, president of Codacons

Inflation: Codacons, we are facing a national emergency Milan, 16 Nov. (LaPresse) – “On inflation we are facing a national emergency that seriously threatens the upcoming Christmas consumption”. Codacons affirms it, commenting on the final data provided today by Istat. “Inflation at 11.8% is a real threat to the health of our country and determines a record sting for Italians, considering the total consumption of a “typical” family, equal to +3,625 euros per year”, explains the president Carlo Rienzi, for which “only for food (+13.5% in October) a household finds itself spending an average of +752 euros on an annual basis and, as the data on sales demonstrates, citizens are reacting by cutting food spending”. the belt also on purchases related to the upcoming holidays. An enormous damage to trade and the national economy that the new government must absolutely avoid, by immediately arranging the cut in VAT on food and basic necessities”, adds Rienzi.

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About David Martin

David Martin is the lead editor for Spark Chronicles. David has been working as a freelance journalist.

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