Istat, inflation at 5.9% in July 2023: consumer prices fall

The phase of slowdown in inflation, explains the Institute of Statistics, takes place “in a framework of price stability at the economic level”. Inflation acquired for 2023 remains stable at +5.6% for the general index, while it stands at +5.1% for the core component

As of July 2023, it is estimated that the national consumer price index for the whole community (NIC), gross of tobacco, still registers a zero change on a monthly basis and an increase of 5.9% on an annual basis, from +6.4% in the previous month (preliminary estimate was +6.0%). %. The Istat communicates it.

The deceleration of the inflation rate is due, first of all, to the slowdown in the tendential growth of the prices of services relating to transport (from +4.7% to +2.4%), of non-regulated energy goods (from +8, 4% to +7.0%), processed food (from +11.5% to +10.5%) and, to a lesser extent, other goods (from +4.8% to +4.5 %) and the widening of the decrease on an annual basis of regulated energy (from -29.0% to -30.3%). These effects were only partially offset by the upward tensions in the prices of unprocessed food (from +9.4% to +10.4%) and those of services relating to housing (from +3.5% to + 3.6%).

The numbers

Core inflation, excluding energy and fresh food, slows further (from +5.6% to +5.2%), as does that excluding energy only (from +5.8%, recorded in June, at 5.5%). The growth on an annual basis of the prices of goods (from +7.5% to +7.0%) and that relating to services (from +4.5% to +4.1%) slowed down, bringing the inflationary differential between the services sector and that of goods at -2.9 percentage points, from -3.0 in June.

The prices of food, home and personal care products slow down in trend terms (from +10.5% to +10.2%), as do those of frequently purchased products (from +5.7 % to +5.5%). The cyclical stability of the general index was affected by the opposing dynamics of various components: on the one hand, the growth in the prices of processed food (+0.6%), of recreational, cultural and personal care services and relating to transport (+0.4% both, also due to seasonal factors), non-durable goods and sundry services (+0.3% both); on the other hand, the decrease in energy prices, both regulated (-1.8%) and unregulated (-1.3%), unprocessed food (-0.8%) and tobacco (-0.6% ).

The inflation acquired for 2023 remains stable at +5.6% for the general index and stands at +5.1% for the core component. The harmonized index of consumer prices (HICP) decreases by 1.6% on a monthly basis, due to the summer sales that the NIC does not take into account, and increases by 6.3% on an annual basis (decelerating from + 6.7% in June); the preliminary estimate was +6.4%. The national consumer price index for blue-collar and white-collar households (FOI), net of tobacco, recorded an increase of 0.1% on a monthly basis and 5.7% on an annual basis.