(Finance) – For the month of July 2024, Istat estimates that thenational consumer price index for the entire community (NIC), excluding tobacco, increases of 0.4% on a monthly basis (revised downwards from the preliminary +0.5% communicated on 31 July) and of 1.3% on an annual basis (from +0.8% of the previous month), confirming the preliminary estimate.
The rise in inflation is primarily due to the acceleration in the trend of commodity prices. Regulated Energy Goods (from +3.5% to +11.7%) and the easing of the decline in Unregulated energy (from -10.3% to -6.0%). Inflation is also supported by the trend in prices of Tobacco (from +3.4% to +4.1%) and Recreational, cultural and personal care services (from +4.0% to +4.4%). On the other hand, prices of Unprocessed food products (which fell to -0.4%, from +0.3% in the previous month), Processed food products (from +2.0% to +1.6%), Non-durable goods (from +1.3% to +0.9%) and Miscellaneous services (from +1.8% to +1.5%) are slowing down.
In the month of July thecore inflationexcluding energy and fresh food, remains stable at +1.9%, while that excluding energy products only decelerates slightly (from +1.9% to +1.8%).
There trend dynamics of goods prices, although remaining negative, recorded an increase (from -0.7% to -0.1%) and that of services is slightly accelerating (from +2.8% to +3.0%). The inflationary differential between the services sector and the goods sector therefore reaches +3.1 percentage points (from +3.5 in June).
The prices of the Food, household and personal care products slow down on a trend basis (from +1.2% to +0.7%), as do those of high-frequency purchase products (from +2.0% to +1.8%).
THE’cyclical increase of the overall index mostly reflects the growth in prices of Regulated energy goods (+5.9%), Non-regulated energy goods (+3.4%), Recreational, cultural and personal care services (+0.8%) and Transport-related services (+0.4%). The effects of these increases were only partly offset by the decrease in prices of Unprocessed food products (-1.5%).
THE’acquired inflation for 2024 it is equal to +1.0% for the general index and +2.0% for the underlying component.
THE’harmonized index of consumer prices (IPCA) decreases by 0.9% on a monthly basis, due to the summer sales which the NIC does not take into account, and increases by 1.6% on an annual basis (accelerating from +0.9% in June); the preliminary estimate was +1.7%.
The national consumer price index for the families of workers and employees (FOI), excluding tobacco, recorded a positive variation of 0.4% on a monthly basis and of 1.1% on an annual basis.