Inflation, the highest rates in Estonia, Hungary, Latvia and Turkey
Slow down the price run in the OECD area in November to 10.3%, returning to the levels of August, but the uncertainties regarding 2023 still remain many. In Italy, the rise in prices remains stable at 11.8%, according to what emerges fromlast estimate made by the organization for international economic cooperation and development based in Paris. The drop in inflation between October and November was recorded in 25 of the 38 OECD countries. However, inflation has increased by at least 0.5 percentage points in Chile, the Czech Republic, Finland, Hungary, the Slovak Republic and Sweden. The highest year-on-year inflation rates were recorded in Estonia, Hungary, Latvia, Lithuania and Turkey (all above 20%).
Energy inflation continued to decline in the OECD, falling to 23.9% in November, after 28.1% in October, reaching its lowest rate since September 2021. However, it remained above 10% in 34 of the 38 countries OECD and above 30% in 14 of them. Energy inflation has decreased in most countries, increasing only in the Czech Republic, Finland, Slovenia and Sweden. Food inflation remained stable at 16.1%, while inflation excluding food and energy fell marginally to 7.5% in November.
G7 year-on-year inflation fell to 7.4% in November, from 7.8% in October. Among the G7 countries, inflation decreased in Germany, the United Kingdom and the United States and recorded only small changes in the other countries. Food and energy inflation continued to be the main contributor to headline inflation in France, Germany, Italy and Japan, while inflation excluding food and energy was the main driver of the inflation in Canada, the United Kingdom and the United States.
In the euro areayear-on-year inflation fell to 10.1% in November, down from 10.6% in October, due to the sharp drop in energy inflation. This was the first year-on-year decline in HICP inflation since June 2021. Eurostat’s flash estimate for the euro area in December 2022 points to a further decrease in year-on-year inflation, to 9.2%. with energy inflation falling to 25.7% from 34.9% in November, but inflation excluding food and energy rising to 5.2% from 5.0%.
In the G20, year-on-year inflation fell to 9.0% in November, from 9.5% in October. Outside the OECD, year-on-year inflation decreased in Brazil, China, India, Indonesia, Saudi Arabia and South Africa, while it increased only in Argentina.
Istat: “In 2023 Italy will have inflation of 5.1%”
The president of Istat, Gian Carlo Blangiardo, is reckoning on the coming year in our country. Interviewed by SkyTg24 he declared that in 2023 Italy will have inflation of 5.1% a figure that “penalizes to a greater extent especially for the weaker groups”. Blangiardo explains that “if things don’t get worse we will continue with a given purchase at 5.1%, a much higher value than what happened the previous year”. Inflation, underlines the president of Istat, “is penalizing to a greater extent especially for the weakest groups”.
On inflation, reasons Blangiardo, i fuels they have a “direct” effect is one “indirect”, due to transport and intermediation. “It is evident, he explains, that this can represent a big issue in perspective if things were to go in the direction of continuous growth and the speculation that fuels this growth”. For Blangiardo, the inflation estimate at 5.1% it is in any case “an optimistic hypothesis” that “imagines that we settle at current levels. Of course, if things were to get worse, those values are exceeded upwards and it is clear that the problem, especially for less affluent familiesi, is further accentuated”.
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