Annual inflation jumped to 11.3% in May

Inflation hit a new high in May, climbing to 11.3% as the frantic rally in energy prices continues to fuel upward pressures.

Price changes from May 2021 at energy record a new jump, with natural gas at 172.7%, electricity at 80.2% and heating oil at 65.1%, as shown by ELSTAT data. Fuels and lubricants show an annual change of 36.6%.

Large increases are now recorded in food: Bread and cereals 13.4%, meat 13.8%, fresh fruit 10.8% and vegetables 13.0%.

Prices jump in transport as well: passenger transport by plane shows an increase of 22.8%, while by ship 17.7%.

In particular, as announced by ELSTAT, the comparison of the General CPI of May 2022 with the corresponding Index of May 2021 resulted in an increase of 11.3% compared to an increase of 0.1% in the corresponding comparison of 2021 with 2020.

The increase of the General CPI by 11.3% in May 2022, compared to the corresponding Index of May 2021, came mainly from the changes in the following groups of goods and services:

From the increases of the indices by:

• 12.1% in the group Diet and non-alcoholic beveragesmainly due to the increase of prices in: bread and cereals, meat (in general), fish (in general), dairy and eggs, oils and fats, fresh fruits, vegetables (in general), sugar-chocolates-sweets-ice-cream, other foods, coffee -cocoa-tea, mineral water-soft drinks-fruit juices.

• 0.9% in the group Alcoholic beverages and tobaccomainly due to rising prices for alcoholic beverages (not served).

• 5.6% in the group Clothing and footweardue to rising prices in clothing and footwear.

• 35.0% in the group Housingdue mainly to rising prices in: housing, electricity, gas, heating oil, solid fuels.

• 5.1% in the group Durable goods-Household items and servicesmainly due to the increase of prices in: furniture and decorative items, home textiles, glass-tableware and household utensils, household direct-consumption items, household services.

• 0.5% in the group Health, mainly due to price increases in: medical, dental and paramedical services, hospitals and clinics. Part of this increase was offset by lower prices, mainly for pharmaceuticals.

• 18.8% in the group Transportationmainly due to the increase of prices in: new cars, used cars, car spare parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, airline passenger transport tickets, ship passenger transport tickets.

• 1.3% in the group Leisure-Cultural activities, mainly due to the increase of prices in: durable goods of leisure and culture, small leisure items-flowers-pets, cinemas-theaters, stationery and design materials, holiday package. Part of this increase was offset by lower prices, mainly for audiovisual equipment-computers-repairs.

• 0.9% in the group Educationmainly due to the increase in prices for secondary education.

• 5.1% in the group Hotels-Cafes-Restaurantsmainly due to the increase of prices in: restaurants-confectioneries-cafes, hotels-motels-inns.

• 0.4% in the group Other goods and services, mainly due to price increases in other types of personal care. Part of this increase was offset by a reduction mainly in vehicle insurance prices.

From the decrease of the index by:
• 2.5% in the group Communicationsmainly due to price reductions in: mobile phone equipment, telephone services

At 0.7% the monthly increase

At the same time, the General CPI in May 2022, compared to April 2022, showed an increase of 0.7% compared to a decrease of 0.4% in the corresponding comparison of the previous year.

The increase of the General CPI by 0.7% in May 2022, compared to the corresponding Index of April 2022, came mainly from the changes in the following groups of goods and services:

From the increases of the indices by:

• 1.6% in the group Food and non-alcoholic beverages, due mainly to increase in prices of: bread and cereals, beef, pork, poultry, cold cuts, whole milk, raw milk with reduced fat, cheese, eggs, oils and fats, fresh fruits, ice creams, sauces-spices. Part of this increase was offset by the reduction of prices mainly in: lamb and goat, yogurt, fresh vegetables.

• 1.2% in the group Alcoholic beverages and tobacco, due mainly to increase in prices of: alcoholic beverages and liqueurs, wines.

• 0.8% in the group Durable goods-Household items and services, due mainly to price increases in direct household goods.

• 0.2% in the Health group, mainly due to price increases in medical, dental and paramedical services.

• 3.6% in the Transport group, due mainly to price increases in: diesel, petrol, passenger air tickets.

• 1.4% in the group Hotels-Cafes-Restaurants, due mainly to price increases in: restaurants-patisseries-cafes, hotels-motels-inns.

From the decrease of the index by:

• 6.9% in the Clothing and footwear group, due to the ten-day summer discount.

The average CPI of the twelve months June 2021 – May 2022, compared to the corresponding Index of the twelve months June 2020 – May 2021, showed an increase of 5.3% compared to a decrease of 1.5% in the corresponding comparison of the twelve months June 2020 – May 2021 with the twelve months June 2019 – May.

At 10.5% the annual increase in the harmonized index

The evolution of the Harmonized Index of Consumer Prices (HICP) for the month of May 2022 (reference year 2015 = 100.0) is as follows:

The HICP for May 2022, compared to the corresponding Index of May 2021, showed an increase of 10.5% compared to a decrease of 1.2% recorded during the corresponding comparison of 2021 with 2020.

The HICP in May 2022, compared to April 2022, showed an increase of 0.9% compared to a decrease of 0.3% in the corresponding comparison of the previous year.

The average HICP for the twelve months June 2021 – May 2022, compared to the corresponding Index of the twelve months June 2020 – May 2021, showed an increase of 4.6% compared to a decrease of 2.0% in the corresponding comparison of the twelve months June 2020 – May 2021 with the twelve months June 2019 – May 2020.