Record inflation in March. The feared impact of the pandemic and war with the exceptional increases in energy products has been unloaded on the pockets of Italians. The first Istat estimates give substance to the concerns. A positive note, but relating to the month of February, is instead that of the fall in unemployment and the record increase in employment. But let's see, one by one, the data released by Istat and Eurostat regarding the Eurozone.
Record inflation at 6,7% year on year
According to preliminary estimates released by Istat, in March the national consumer price index for the entire community (NIC), gross of tobacco, recorded an increase of 1,2% on a monthly basis and 6,7 .5,7% on an annual basis (from +1991% in the previous month). Inflation rises for the ninth month in a row, reaching a year-on-year level not seen since July 5. Once again this month, the prices of unregulated energy goods are supporting the further rise, but inflationary tensions continue to spread with the price growth of the so-called "shopping cart" which accelerates by almost one percentage point, reaching +XNUMX%.
Employed at most since 1977, over but half term
In February there was a leap in employment in Italy of 81 thousand units compared to January. The growth is 777 thousand more employed than February 2021. The employment rate thus reaches 59,6%, a record level since the beginning of the historical series. In turn, the unemployment rate stops at 8,5%, with a drop of 0,1 points on January and 1,7 points on February 2021.
Looking in more detail, the jump in employment in February is due to the boom in new fixed-term contracts (+133 thousand compared to January and + 504 thousand units compared to February 2021). On the other hand, permanent employees are decreasing by 109 thousand units on January while they increase by 112 thousand units on the year.
“Compared to January 2021 there are – comments Istat – nearly 850 more employed; more than half are temporary employees with an estimate of nearly 3 million 200 thousand, the highest value since 1977. Compared to the pre-pandemic levels of February 2020, the employment rate is 0,6 points higher (record since beginning of the historical series), that of unemployment fell from 9,6% to 8,5%.
And in the Eurozone, unemployment falls to an all-time low
The data on employment and unemployment confirm the exceptional recovery of growth achieved by Italy in 2021. The recovery has also made its positive force felt in Europe. According to Eurostat the unemployment rate in the Eurozone in February it fell to a record low at 6,8% from 6,9% in January and 8,2% in February 2021. In the EU, the unemployment rate fell to 6,2% from 6,3% in previous month and 7,5% of the previous year.
Germany has released the data on the unemployed for March which remains unchanged at 5%.
