Inflation in June stopped at +0.8%, a figure which allows Italy to confirm itself among the European countries with the lowest price increase figure, almost 2 percentage points of spread compared to inflation in France ( +2.5%) and almost three compared to that of Spain (+3.5%) announced on the same day. US inflation is also cooling, measured by the PCE index used by the Fed as a reference for decisions on interest rates, which in May respected expectations, stopping at +2.6% trend and remaining almost unchanged (+ 0.1%) on April. However, the inflation data leaves major observers skeptical, worried about the trend in consumption and company turnover. Industry turnover in April stopped at a timid +0.5% in volume.
According to preliminary estimates by Istat, in June the national price index, excluding tobacco, remained almost unchanged (+0.1% on a monthly basis) and confirmed for the third consecutive month at 0.8% on an annual basis. If we look instead at the IPCA index, i.e. the index that measures inflation harmonized according to EU parameters, there is a slight increase with +0.2% on a monthly basis and +0.9% on an annual basis. The “core inflation”, i.e. the inflation that does not take into account energy and fresh food, remains stable at +2.0%, while the inflation excluding energy goods only slows slightly (from +2.0% to +1.9%). The prices of goods in the so-called “shopping cart” are also slowing down, i.e. the prices of food, household and personal care products, which are showing a slowdown on a trend basis (from +1.8% to +1.4%) while high-frequency purchase products are going from +2.5% to +2.1%.
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