Prices: in July, oil fever does not make it into the shopping basket (+1,3%)

In July, a surge in energy product prices was expected to hit the shopping basket. Instead, there was a slight easing of inflation.

According to preliminary estimates by Istat, the national consumer price index (covering all products and services) indicates a change of +2,8% year-on-year, compared with 3% in the previous month.
The decrease is mainly due to the slowdown in the prices of unprocessed food (from +4,4% to +3,8%), unregulated energy products and miscellaneous services (from +2,5% to1,8%).
The shopping basket (household and personal care products) remained unchanged despite energy prices being extremely high. +1,3% year-on-year.
Average inflation in theeurozone in July was 2,9%, as in Germany. In Spain it rose to 3,8% and in France it stood at 2,4%.

Unaffected supply chains

According to theConfcommercio research department, "when it comes to prices, the outlook for the coming months calls for a degree of caution. Although July's data describe a situation under control, there are nevertheless elements of concern ahead of the return in autumn".
The economic situation is reassured by “the stabilisation of food prices and shopping basket prices. In addition, underlying inflation stands at1,6%, below the critical threshold of 2%. The latter figure shows that energy price rises have not been passed on to the other production chains, leaving room for contained price growth in August as well”.

Responsible modern retail

Carlo Alberto Buttarelli, president of Federdistribuzione, emphasises that “modern retail's strong sense of responsibility in containing the effects of inflation and protecting household purchasing power. However, close attention remains focused on developments in the economic outlook: rising energy costs continue to put pressure on the production system and citizens, while still weak confidence is not conducive to the recovery in consumption, which is essential to support the country's growth and competitiveness”.

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This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.