Inflation: At 2.4% in October – Decrease in food, boom in electricity

Inflation: At 2.4% in October – Decrease in food, boom in electricity
According to ELSTAT data, the slowdown in food price increases is noticeable, where in October a price increase of 1.5% was recorded on an annual basis (from 3.2% in the previous month), with reductions in flour and grains, pasta, dairy, fruit and coffee. Prices rose by 3% in housing, mainly due to an increase in rents (+6,5%), the electric current (+12.9%) and the natural gas (+10,2%).

As announced by ELSTAT, from the comparison of the general consumer price index of October with the corresponding Index of last October, it emerged 2.4% increase vs. 3.4% increase which occurred during the corresponding comparison of 2023 with 2022.

The General CPI during the month of October 2024, compared to September 2024, showed no change. In the corresponding comparison of the previous year it was noted 0.6% increase.

The average CPI for the twelve months of November 2023 – October 2024, compared to the corresponding Index for the twelve months of November 2022 – October 2023, showed an increase of 2.9%, compared to an increase of 4.2% recorded during the corresponding comparison of the twelve months of November 2022 – October 2023 with the twelve months of November 2021 – October 2022.

Monthly price comparison

The zero change in the consumer price index in October, compared to the corresponding Index in September, was mainly due to the changes in the following groups of goods and services:

Inflation: At 2.4% in October – Decrease in food, boom in electricity

In particular, from the increases of the indicators by:

  • 1.2% in the clothing and footwear group, due to price increases in clothing and footwear.
  • 0.9% in the group durable goods – household goods and services, mainly due to an increase in prices of consumer goods.
  • 0.1% in the transport group, mainly due to an increase in fuel and lubricant prices. Part of this increase was offset by a decrease in prices mainly for air passenger tickets.
  • 0.5% in the communications group, mainly due to a price increase in telephone services.
  • 0.6% in the group leisure – cultural activities, due mainly to an increase in prices of information processing equipment.
  • 0.2% in the hotel-café-restaurant group, mainly due to an increase in prices in restaurants, patisseries, cafes and canteens.

Of the reductions in indicators by:

  • 0.3% in the group alcoholic beverages and tobacco, mainly due to a decrease in prices of alcoholic beverages (not served).
  • 0.8% in the housing group, mainly due to a decrease in prices in: natural gas, heating oil, solid fuels. Part of this decrease was offset by the increase in prices mainly in: house rents, electricity.
  • 0.6% in the group other goods and services, mainly due to a decrease in prices in other items of personal care.

Annual price comparison

The increase in the consumer price index by 2.4% in October, compared to the corresponding index in October 2023, was mainly due to changes in the following groups of goods and services:

Of the increases in indicators by:

  • 1.5% in the group food and non-alcoholic beverages, due to price increases mainly in: bread, meats (general), fresh fish, olive oil, dried fruits and nuts, vegetables (general), sugar – chocolates – sweets – ice creams, mineral water – soft drinks – fruit juices. Part of this increase was offset by the decrease in prices mainly in: flour and other cereals, pizzas and pies, pasta, dairy and eggs, other edible oils, fresh fruit, coffee.
  • 1.2% in the group alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).
  • 5.0% in the clothing and footwear group, due to price increases in clothing and footwear.
  • 3.0% in the housing group, mainly due to price increases in: house rents, house repair and maintenance, electricity, natural gas. Part of this increase was compensated by the decrease in prices mainly in: heating oil, solid fuels.
  • 3.6% in the health group, mainly due to price increases in: pharmaceutical products, medical products, medical – dental and paramedical services, hospital care.
  • 0.4% in the transport group, due mainly to price increases in: new cars, car parts and accessories, maintenance and repair of personal transport equipment, air passenger tickets. Part of this increase was offset by the decrease in prices mainly in: used cars, fuel and lubricants.
  • 1.3% in the communications group, mainly due to a price increase in telephone services.
  • 1.5% in the group leisure – cultural activities, due to price increases mainly in: information processing equipment, small leisure items – flowers – pets, entertainment and cultural services, newspapers – books and stationery, package holidays. Part of this increase was offset by a decrease in prices mainly in: audio and video processing equipment, leisure and cultural durables.
  • 2.8% in the education group, mainly due to price increases in: preschool and primary education fees, secondary education fees.
  • 6.1% in the hotels – cafes – restaurants group, mainly due to price increases in restaurants, patisseries, cafes, canteens, hotels, motels and inns.
  • 2.3% in the group other goods and services, due mainly to price increases in: hairdressers and personal care stores, other personal items, health insurance premiums, vehicle insurance premiums. Part of this increase was offset by the decrease in prices mainly in other types of personal care.

Of the reductions in indicators by:

  • 0.4% in the group Durable goods-Household goods and services, mainly due to a decrease in prices of goods of immediate household consumption. Part of this decrease was offset by the increase in prices mainly in: furniture and decorative items, household services.

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#Inflation #October #Decrease #food #boom #electricity
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