December 4, 2022

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Record inflation since 1983. Spending costs 12.6% more – the economy

Istat also revised downward the first estimates of so-called cart prices in October, which, however, are still at record levels set since 1983. In October, food, home and personal care products increased from +10.9% to +12.6% (+12.7% prior estimate) and those for high-frequency purchase products from +8.4% to +8.9%. “It is necessary to go back to June 1983 (when they recorded a trend variation of +13.0%) to find an annual growth in cart prices above October 2022,” comments Istat.

Istat is revising its estimate for October downward, +11.8%. Earned inflation for 2022 is 8%

Istat is revising its preliminary estimate of inflation for the month of October downward. The National Consumer Price Index for the Whole Community (NIC), total tobacco, posted an increase of 3.4% m/m and 11.8% m/y (from +8.9% in the prior month). The initial estimate was +11.9% YoY and +3.5% MoM. Earned inflation for 2022 equals +8.0% for the general index and +3.7% for the core component.
“It is necessary to go back to March 1984 (when it was +11.9%) for the directional change of the general NIC index above +11.8%,” Istat comments, releasing final data on inflation for October. “The acceleration of on-trend inflation is mainly due to energy commodity prices (which Its growth passes from +44.5% in September to +71.1%) and structured (from +47.7% to +51.6%) both unregulated (from +41.2% to +79.4%) and, to a lesser extent, to food commodity prices (from +11.4% to + 13.1%), processed (from +11.4% to +13.3%) and non-processed (+11.0% to +12.9%) and other goods (from +4.0% to +4.6%) recreational, cultural and personal care services ( From +5.7% in September to +5.2%).YoY, goods prices accelerated (from +12.5% ​​to +17.6%), while those for services slowed slightly (from +3.9% to +3.8%); The negative inflationary spread between the latter and commodity prices (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 commodities (+28.3%), regulated energy commodities (+20.0%) and to a lesser extent to non-pain food prices workmanship (+2.4%), processed food (+1.6%), non-durable goods (+0.7%), and durable goods (+0.6%); On the other hand, due mainly to seasonal factors, prices for leisure, cultural and personal care services (-0.7%) and transportation-related services (-0.8%) decreased.
Core inflation, excluding energy and fresh food, accelerates from +5.0% to +5.3% and that excluding energy only, from +5.5% to +5.9%. Harmonized Index of Consumer Prices (IPCA) increased by 3.8% month-on-month and by 12.6% year-on-year (from +9.4% in the previous month); The initial estimate was +12.8%. The national consumer price index for blue-collar households (FOI), net tobacco, reported an increase of 3.3% month-over-month and 11.5% year-over-year.

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