Keep galloping theinflation Also in Italy. According to preliminary data released today by theIstat,Inflation Italy October 2022 marked an increase of 3,5 pct from September and11,9% compared to a year ago, against the +8,9 pct recorded the previous month.
“We have to go back to the March 1984 for a trend of the general NIC index equal to +11,9 pct” comments Istat. The strong acceleration is mainly due to the prices of energy goods (from +44,5% in September to +73,2%) and, to a lesser extent, to the prices of Food goods. Core inflation, net of energy and fresh food, accelerated from +5 pct to +5,3 pct and that net of energy goods alone from +5,5 pct to +5,8 pct. The inflation acquired for 2022 is equal to +8,0% for the general index and +3,7% for the core component.
Inflation in Italy October 2022: the shopping cart is still rising, the highest since June 1983. Focus on food
Continue to rise the prices of the so-called "shopping cart". According to the estimates of theIstat, in October the prices of Food goods, for home and personal care products went from +10,9% to +12,7%, and those of frequently purchased products from +8,4% to +8,9%. The prices of Food goods (from +11,4 pct to +13,1 pct), both processed (from +11,4 pct to +13,4 pct) and unprocessed (from +11,0 pct to +12,9 pct). “It is necessary to go back to June 1983 (when they recorded a trend variation of +13,0%) to find a growth in the prices of the "shopping cart", on an annual basis, higher than that of October", comments Istat. More in detail: Housing, water, electricity, fuels record +58,8 pct. Food and soft drinks +13,5 pct. Transportation +8,0 pct. Accommodation and catering services +7,5 pct. Furniture, household items and services +7,1 pct. Other goods and services +3,1 pct. Clothing and Footwear +3,0 pct. Alcohol and tobacco +2,3 pct. Recreation, Entertainment and Culture +1,7 pct. Education +1,0 pct. Health services and health expenses +0,8 pct. Communications -2,5 pct.
Even in the euro area, inflation is expected to rise further until 2024 - ECB
Inflation expectations for the euro area “have been revised further up throughout thehorizon 2022-2024” with the price trend for the next year which jumps by more than two percentage points, from 3,6% to 5,8%, and which also net of energy, food, alcohol and tobacco rises by more than one point from 2,9% to 3,9%. This is what we read in the "Survey of professional forecasters" of the fourth quarter of 2022 of the ECB. Expected inflation is at 5,8% and 2,4% for 2023 and 2024 respectively and at 2,2% longer term, the latter number not arguing for a break in the current uptrend of rates. "According to respondents, the upward revisions mainly reflect a combination of higher energy and food prices" but also "the spread on prices of other sectors".
Japan announces a 260 billion plan against inflation
Il Japanese prime minister Fumio Kishida announced $260 billion in stimulus measures to tackle inflation, after the cabinet approved a supplementary budget to partially fund the support measures. The government hopes the 39.000 trillion yen in fiscal spending will rise to 72.000 trillion yen with private sector investment, Kishida told reporters.
