The national consumer price index for the entire community (NIC), gross of tobacco, in fact recorded an increase of 0.4% on a monthly basis and 5.5% on an annual basis in August. Eurozone stable at +5.3%
Inflation continues to slow down. According to what Istat communicates on the basis of preliminary estimates, the national consumer price index for the whole community (NIC), gross of tobacco, in fact in August recorded an increase of 0.4% on a monthly basis and 5.5% year over year, up from 5.9% the previous month. The acquired inflation for 2023, i.e. the average growth that would occur if prices remained stable in the remaining part of the year, is equal to plus 5.7% for the general index and plus 5.2% for the fund, net of energy and fresh food. As regards the European Union, according to a flash estimate by Eurostat, annual inflation in the euro area is expected at 5.3% in August, stable compared to July.
The deceleration
According to the National Institute of Statistics, the deceleration is also due to the annual slowdown in the prices of unregulated energy goods (which include fuel, gas and electricity on the free market), which go from plus 7% to plus 5.7% , of unprocessed food, from more than 10.4% to more than 9.2%, and processed, from more than 10.5% to more than 10.1%. According to Istat, the prices of recreational, cultural and personal care services (from +6.6% to +5.9%) and services relating to transport (from +2 .4% to plus 1.2%), of Durable goods (from plus 5.4% to plus 4.6%). These effects were only partially offset by a moderate acceleration in the prices of services relating to housing (from plus 3.6% to plus 4%) and by the lessening of the decline in regulated energy (from minus 30.3% to minus 29.0%). Core inflation, excluding energy and fresh food, also slowed further (from plus 5.2% to plus 4.8%), as did that net of energy goods alone (from plus 5.5%, recorded in July, up 5.1%).
Increase in energy prices
The growth on an annual basis of the prices of goods (from plus 7.0% to plus 6.4%) and that of services (from plus 4.1% to plus 3.6%) weakened, reducing the inflationary differential between services sector and goods at minus 2.8 percentage points, from minus 2.9 in July. The increase on a monthly basis in the general index is mainly due to the increase in the prices of Energy both regulated (up 2.0%) and unregulated (up 1.7%), of Services relating to transport (up 1.2%), processed food (up 0.8%), durable goods and services related to housing (up 0.4% both); these effects were only partially offset by the decrease in unprocessed food prices (minus 0.5%). Furthermore, again based on preliminary estimates, the harmonized index of consumer prices (HIP) increases by 0.2% on a monthly basis and by 5.5% on an annual basis (decelerating from +6.3% in July) . The more marked decrease in the Ipca, compared to that observed in the Nic, is due to the dynamics of the summer sales (which the Nic does not take into account): the prices of Clothing and footwear recorded an economic decline (minus 3.1%) more greater than that of August 2022 (minus 0.7%), thus determining, for this division of expenditure, a slowdown from plus 5.4% to plus 2.8%.
Eurostat: “Inflation stable at 5.3% in the eurozone in August”
Annual inflation in the euro area is expected at 5.3% in August, stable compared to July, according to a flash estimate by Eurostat, the European Union’s statistical office. Food, alcohol and tobacco are expected to have the highest annual rate in August (9.8%, up from 10.8% in July), followed by services (5.5%, up from 5.6% in July). July). As regards unemployment, in July 2023, the seasonally adjusted rate in the euro area was 6.4%, stable compared to June 2023 and down compared to 6.7% in July 2022. European Union unemployment was 5.9% in July 2023, also stable compared to June 2023 and down from 6.1% in July 2022. The statistics office also estimates that 12.928 million people in the EU, of which 10.944 million in the euro area, were unemployed in July 2023. Compared with June 2023, unemployment increased by 35 thousand in the EU and by 73 thousand in the euro area.
Source-tg24.sky.it