October 4, 2022

Hardwood Paroxysm

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August inflation rose to 8.4%, the highest since 1985 – Economy

Independent decree if successful within the next week. As senators go for a quick scrutiny of the bis aid decree, however, in an effort to bring home some changes starting with the hotly contested rules on expert teacher, the government continues to race to develop A new package of support for homes and businesses in exchange for expensive energy. It will take a few more days, something they repeat at Palazzo Chigi and Mef, to survey the resources already available. It is also expected to calculate the revenue trend in August and, above all, the collection of the tax on additional profits, after the tightening introduced with the aid decree bis at the beginning of August.

Inflation is still rising. According to Istat’s preliminary estimates, in August, the National Consumer Price Index for the Whole Community (Nic), Total Tobacco, recorded an increase of 0.8% on a monthly basis and 8.4% on a yearly basis (from +7.9% in the previous month).

“Do you”electricity and free market gas that results in an acceleration in the prices of unregulated energy goods (partially ameliorating the slowdown in fuel prices) which, together with processed food and durable goods, drives inflation to a level not recorded from December 1985 (when it was +8.8%)”, Istat explains.

They are also speeding up, “Statistics” continues, core inflation, That is, net energy and fresh food (from +4.1% to +4.4% in August, not since May 1996 when it was +4.7%) and net inflation for energy goods only (from +4.7% to +4.9%, not since April 1996).

Returning to the general indicator, the acceleration of inflation year-on-year is mainly due to energy commodity prices (the growth of which rises from +42.9% in July to +44.9%) and especially unregulated energy (from +39.8% to +41.6%; energy commodity prices continue The regulated register a very high but stable growth at +47.9%), and on the other hand to the prices of processed foodstuffs (from +9.5% to +10.5%) and durable goods (from +3.3% to +3.9%). On the other hand, prices for services related to transportation registered a slowdown (from +8.9% to +8.4%). On an annual basis, the Statistical Institute still indicates that the prices of goods are accelerating (from +11.1% to +11.8%) while the growth of those services is largely stable (from +3.6% to +3.7%); Therefore, the negative inflation differential between the latter and commodity prices is widening (from -7.5 in July to -8.1 percentage points). On a monthly basis, the increase in the general index is mainly due to the prices of unregulated energy goods (+ 3.0%), transport services (+ 2.4%, also due to seasonal factors), processed food (+1.2%), durable goods (+ 0.8% ) and recreational, cultural and personal services (+0.7%, also due to seasonal factors). Moreover, according to preliminary estimates, the harmonized index of consumer prices (IPCA) increased by 0.8% month-on-month and by 9.0% year-on-year (from +8.4% in the previous month).

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According to the data of the Institute, which released the provisional estimate of consumer prices in August, the acquired inflation for 2022, or which will be obtained assuming zero change in the remainder of the year, is equal to +7, 0% for the general index and + 3.5% for the core component (net energy and fresh food).

Landini: “Enough chatting, actions now”
With inflation which, according to Istat’s preliminary estimates, “jumps in August to 8.4% year-on-year, no need for chatter. So it doesn’t hold up. Bis aid decree puts insufficient resources for workers and retirees: Urgent action needed immediately to protect poor wages and pensions Already “. This was stated by the Secretary General of the CGIL, Maurizio Landini.

Consumers in the attack are straight for families
Inflation at 8.4% in August translates to a new “sting” for families “struggling with abnormal price and tariff increases”. Codacons asserts that given the total depreciation, it calculates “a greater expenditure of €2,580 per year for the ‘typical’ family, which amounts to €3,352 per year for a family with two children”. “We are in a real national emergency that will have severe effects on the economy and push a segment of the population towards the poverty line – says President Carlo Renzi – and the government can no longer waste time and must urgently intervene on food, and Renzi concludes that energy and fuel, reduce Immediately value-added tax on foodstuffs, set a ceiling on electricity and gas prices, and prevent the rise in the price lists of gasoline and diesel.

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