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Consumer prices (provisional data) - May 2023
According to preliminary estimates, in May 2023 the rate of change of the Italian consumer price index for the whole nation (NIC) was +0.3% on monthly basis and +7.6% on annual basis (down from +8.2% in April). The slow down of the annual inflation rate was mainly due to the prices of Non-regulated energy products (from +26.6% to +20.5%) and, to a lesser extent, of Processed food including alcohol (from +14.0% to +13.4%), of Services related to transport (from +6.0% to +5.5%) and of Non energy industrial goods (from +5.3% to +5.1%). At the opposite, an upward contribution to the inflation rate came from the prices of ... (full story)
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Asian equity markets are down this morning possibly reflecting disappointing China PMI data. In a sign that the post-restrictions rebound is petering out, the manufacturing index ...
post at 4:36am: ECB'S VISCO: NOW THAT KEY RATES ARE AT RESTRICTIVE LEVELS WE MUST PROCEED WITH THE RIGHT DEGREE OF GRADUALITY #News #Markets #ECB #capitalhungry post at 4:36am: BANK OF ITALY'S VISCO: REDUCING PUBLIC DEBT AS ITS COST GRADUALLY INCREASES REMAINS A PRIORITY #News #Markets #DEBT #ITALY #capitalhungryThe Governor’s Concluding Remarks The effects of the conflict in Ukraine on the euro-area economy have been amplified by the marked dependence of many Member States on energy imports, especially natural gas. The rises in their prices, together with those of agricultural products, also mainly caused by the war, have affected households’ purchasing power, above all of the less well-off, and firms’ production costs. Yet if we look at 2022 as a whole, aggregate demand, production and employment continued in the recovery that began when the most acute phase of the pandemic emergency was over and that was supported by the considerable resources allocated by national governments and by the European Union. Since last autumn, however, economic activity has stagnated overall. Consumer price inflation has risen to 8.4 per cent on average over the year, reaching a peak of 10.6 per cent in the twelve months up to October (Figure 5). The increases in commodity prices have gradually passed through to the prices of other goods and services. More than three quarters of the growth in the overall consumer price index seems to be directly or indirectly attributable to the higher prices of energy and of food products. The delays in adapting the global supply of intermediate goo
post at 4:00am: ECB SAYS EURO AREA HOME PRICES COULD SEE 'DISORDERLY FALL': FSR ECB SAYS FINANCIAL STABILITY OUTLOOK REMAINS FRAGILE: FSR post at 4:00am: ECB: VULNERABILITIES OF FINANCIAL SYSTEM REVEALED BY RATE HIKES.Financial Stability Review, May 2023 This spring saw considerable financial turbulence, with the spotlight increasingly turning on systemic risk concerns following a series of bank failures outside the euro area. While the fallout experienced by euro area banks was limited, these events have served as a powerful reminder of the importance of ensuring that banking system fundamentals are sound, in an environment where financial conditions are being tightened to tackle elevated inflation around the world. Price stability remains as crucial as ever for durably preserving financial stability. Tighter financing conditions to forcefully address high inflation havFinancial stability outlook remains fragile, ECB review finds According to the May 2023 Financial Stability Review published today by the European Central Bank (ECB), the outlook for euro area financial stability remains fragile, in the context of recent banking stress outside the currency union. While economic conditions have improved slightly, uncertain growth prospects paired with persistent inflation and tightening financing conditions continue to weigh on the balance sheets of firms, households and governments. Furthermore, an unexpected deterioration in economic conditions or financial tightening could lead to disorderly price adjustments in either or both financial and real estate markets. “Price stability is crucial for durable financial stability,” said ECB Vic
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- Posted: May 31, 2023 5:10am
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