Consumer Prices – August 2022

Consumer Prices – August 2022
Consumer Prices – August 2022
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In August 2022, the national consumer price index for the whole community (NIC), gross of tobacco, is estimated to increase by 0.8% on a monthly basis and by 8.4% on a monthly basis. annual basis (from + 7.9% the previous month), confirming the preliminary estimate.

The acceleration of inflation on a trend basis is mainly due on the one hand to the prices of energy goods (whose growth goes from + 42.9% in July to + 44.9%), in particular of unregulated energy (from + 39.8% to + 41.6%; the prices of regulated energy goods continue to record a very high but stable growth at + 47.9%), and on the other to those of processed food goods (from +9.5 % to + 10.4%) and Durable goods (from + 3.3% to + 4.2%). On the other hand, the prices of services relating to transport recorded a slowdown (from + 8.9% to + 8.4%).

“Core inflation”, net of energy and fresh food, accelerates from + 4.1% to + 4.4% and that net of energy goods alone from + 4.7% to + 5.0% .
On an annual basis, the prices of goods accelerated (from + 11.1% to + 11.8%) and, slightly, those of services (from + 3.6% to + 3.8%); therefore, the negative inflation differential between the latter and the prices of goods widens (from -7.5 in July to -8.0 percentage points).
The prices of food goods, for home and personal care accelerate (from + 9.1% to + 9.6%), while those of products with high purchasing frequency slow down (from + 8.7% to + 7.7%).

The cyclical increase in the general index is mainly due to the prices of non-regulated energy goods (+ 3.0%), of services relating to transport (+ 2.4%, also due to seasonal factors), of processed foodstuffs (+ 2.4%, also due to seasonal factors) ( + 1.1%), Durable goods (+ 1.1%) and Recreational, cultural and personal care services (+ 0.7%, also due to seasonal factors).

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The inflation acquired for 2022 is equal to + 7.0% for the general index and + 3.5% for the core component.

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The harmonized index of consumer prices (HICP) increased by 0.9% on a monthly basis and by 9.1% on an annual basis (from + 8.4% in the previous month); the preliminary estimate was + 9.0%.
The national consumer price index for blue-collar and white-collar families (FOI), net of tobacco, recorded an increase of 0.8% on a monthly basis and 8.1% on an annual basis.


The comment

It is electricity and free market gas that produce the acceleration in the prices of unregulated energy goods (partly mitigated by the slowdown in those of fuels) and which, together with processed food and durable goods, push inflation to a level (+ 8.4%) that had not been recorded since December 1985 (when it was equal to + 8.8%).
Thus, inflation net of energy and fresh food accelerates (+ 4.4%; it was not so since May 1996 when it was + 4.7%), that net of energy goods only (+ 5.0% ; it had not been so since February 1996 when it was + 5.1%) and the prices of the so-called “shopping cart” (+ 9.6%; an increase that has not been observed since June 1984, when it was + 9.7%).

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