Latest news with #HICP
Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
Italy's inflation edges up to 1.7% in June 2025: Istat
Italy's national consumer price index (NIC) rose by 0.2 per cent in June 2025 compared to the previous month, and by 1.7 per cent year-over-year (YoY), slightly up from 1.6 per cent in May, confirming the flash estimate, according to Istituto Nazionale di Statistica (Istat). The annual rise in the all-item index was primarily driven by higher prices for transport-related services (from 2.6 per cent to 2.9 per cent), and durable goods (from -1.1 per cent to -0.8 per cent). In contrast, the annual growth in regulated energy product prices slowed, falling from 29.3 per cent to 22.6 per cent. In June 2025, core inflation was 2 per cent (up from 1.9 per cent in May) and inflation excluding energy was 2.1 per cent (as same as in the previous month), Istat said in a press release. Italy's consumer price index (NIC) rose by 0.2 per cent in June 2025 and 1.7 per cent YoY, slightly up from May, as per Istat. The rise was driven by higher transport and durable goods prices, while energy prices declined. Core inflation stood at 2 per cent. The harmonised index (HICP) rose 1.8 per cent annually, impacting lower-income households more than higher-income ones. As for goods, YoY growth rate was 0.9 per cent (from 0.8 per cent in May). The inflationary gap between services and goods was 1.8 percentage points (pp) which is as same as in the previous month. The prices of regulated energy products declined by 3 per cent, while those of non-regulated energy products fell by 0.7 per cent. In June 2025, the Italian harmonised index of consumer prices (HICP) increased by 0.2 per cent on monthly basis and by 1.8 per cent on annual basis (from 1.7 per cent in May); the flash estimate was 1.7 per cent. In the second quarter of 2025, inflation measured by HICP had a wider impact on the sub-population with the lowest level of equivalent expenditure (2 per cent) than on households with highest amount (+1.8 per cent), added the release. Fibre2Fashion News Desk (SG)
The Hindu
6 days ago
- Business
- The Hindu
More tourist beds, fewer homes: cost of ‘overtourism' in EU
Last month, residents across southern Europe, particularly in Spain, Italy, and Portugal, protested against 'overtourism'. They held placards that read 'tourists go home', 'your holidays, my misery', and 'mass tourism kills the city', making clear their disapproval of unregulated tourism. This month, hoteliers in Mallorca, Spain hit back by putting up posters welcoming tourists. This is not just cultural tension; it is rooted in structural issues. Data shows that tourism, when unregulated, reshapes housing markets in those cities, prices out residents, and creates jobs that offer little security. The COVID-19 pandemic caused a dip in the contribution of tourism to the GDP of all countries. But by 2022, the sector rebounded rapidly. In general, in Italy, Portugal and Spain, tourism contributes close to 6% or more of the countries' GDP, which makes it a significant source of revenue. In comparison, tourism contributes to only 2% of India's GDP. The chart shows contribution of tourism to the GDP in select European countries. While tourism is a money-spinner, increasing dependency on the sector puts those who govern these hotspots in a dilemma — should they prioritise tourists over their residents economically, spatially, and socially? The European Union's Harmonised Index of Consumer Prices (HICP) — an inflation measure which excludes home ownership and renovation costs — hovered at less than 2% from 2015 to 2020, only to increase to 8% in 2022. In contrast, the Owner-Occupied Housing Price Index (OOHPI) — an inflation measure which includes buying, renovating, and owning a home — was already hovering around the 3-4% mark from 2015 to 2020, only to spike to 11% in 2022. Similarly, the Housing Price Index (HPI), an inflation measure which tracks how prices in the housing market change, also surged beyond the 10% mark in 2022. The chart shows the European Union's Harmonised Index of Consumer Prices (HICP), Owner-Occupied Housing Price Index (OOHPI) and Housing Price Index (HPI) — all measures of inflation — for the 2011 to 2022 period Put simply, housing costs rose much faster than overall consumer prices. For residents, it has become more expensive to live in these cities than it is for the tourists to come and stay in them temporarily. The protests against tourists are most pronounced in Spain, Italy, and Portugal, which together account for over 45% of all tourism-related accommodations in the EU in 2023. These three nations also hosted 33% of all the hotel beds in the EU. The chart shows Italy, Portugal and Spain's share in the EU's tourism-related accommodations, hotel beds and tourist nights spent (2023) The vast scale of tourist accommodations in southern Europe highlights how deeply the economy is being shaped around tourists. As per Eurostat, in 2022, tourists spent nearly 450 million nights in Italy and 485 million in Spain. Meanwhile, Portugal, which has a population of 10 million and just over 8,000 tourism-related establishments, hosted nearly 85 million overnight stays. The term 'tourism night' is a metric commonly used to measure the volume of tourist activity. The latest Eurostat report shows that most tourist spending comes from overnight visitors — 93% in Italy, 97% in Portugal, and 89% in Belgium as opposed to just 30% in Luxembourg. The chart shows the inbound tourism expenditure, tourists who stay overnight and the same-day visitors (%) for select countries in the EU, for the year 2022 As a result of this pattern of overnight tourism, homes are turned into 'stays', thus causing greater pressure on the housing markets and other long-term spatial strains. Of all tourism-related businesses in the EU, 37% are in Spain, Italy, and Portugal. The chart shows Italy, Portugal and Spain's share in the EU's tourism-related businesses (2022) This uneven concentration positions these nations not merely as travel destinations, but also as key pillars of Europe's tourism economy. However, locals in these countries are shouldering the hidden costs of a sector that, though profitable, impacts their lives. Tourism, for them, has also become a driver of inequality. The data for the charts were sourced from Eurostat, the statistical office of the European Union and Our World In Data. Latest available data was taken for all the charts Niranjana V B is interning with The Hindu Data Team
Fibre2Fashion
14-07-2025
- Business
- Fibre2Fashion
Portugal inflation rises to 2.4% in June 2025
Portugal's annual Consumer Price Index (CPI) rose to 2.4 per cent in June 2025, up from 2.3 per cent in May, according to data released by Statistics Portugal. Core inflation, which excludes energy and unprocessed food, also climbed to 2.4 per cent from 2.2 per cent the previous month. Portugal's annual inflation rose to 2.4 per cent in June 2025, up from 2.3 per cent in May, with core inflation also at 2.4 per cent. Energy prices fell 1.3 per cent due to base effects. The monthly CPI rose 0.1 per cent. The HICP increased to 2.1 per cent, above the euro area average, though core HICP remained below. Clothing and footwear prices dragged inflation down. Clothing and footwear prices made the most significant downward contribution to the overall CPI. The monthly inflation rate stood at 0.1 per cent in June, slowing from 0.3 per cent in May but higher than the zero-rate recorded in June 2024. The 12-month average inflation remained unchanged at 2.3 per cent. Energy prices fell by 1.3 per cent year-on-year, reversing from a marginal increase of 0.1 per cent in May. This decline was largely attributed to a base effect following a 7.1 per cent increase in electricity prices in June 2024. The sharp drop contributed to a 6.8 percentage point fall in electricity's annual rate to -3.0 per cent, Statistics Portugal said in a release. The Portuguese Harmonised Index of Consumer Prices (HICP), which allows comparisons across EU countries, recorded an annual rate of 2.1 per cent in June, up from 1.7 per cent in May. This placed Portugal 0.1 percentage points above the Eurostat estimate for the euro area, reversing the 0.2-point gap in May. When excluding energy and unprocessed food, Portugal's HICP stood at 2.1 per cent, still below the euro area's 2.4 per cent. On a monthly basis, the Portuguese HICP rose 0.1 per cent, down from 0.6 per cent in May. Fibre2Fashion News Desk (HU)
Fibre2Fashion
11-07-2025
- Business
- Fibre2Fashion
Dutch inflation holds at 3.1% in June, driven by seasonal costs: CBS
Consumer prices in the Netherlands were 3.1 per cent higher in June 2025 compared to the same month last year, according to flash estimate from Statistics Netherlands (CBS). On a month-over-month (MoM) basis, prices remained largely unchanged from May, reflecting stability after a 0.5 per cent drop recorded in May relative to April. Dutch consumer goods and services were 2.8 per cent more expensive in June YoY, slightly down from 2.9 per cent in May, according to the Harmonised Index of Consumer Prices (HICP). Across the euro area, inflation rose marginally from 1.9 per cent in May to 2 per cent in June. Air travel and seasonal accommodations were key contributors to the inflation rate in June. While international flight tickets were still 11.1 per cent cheaper than in June 2024, this was a smaller decline compared to May's 20.3 per cent year-over-year (YoY) drop. Consumer prices in the Netherlands rose 3.1 per cent year-on-year in June 2025, with month-on-month levels largely unchanged, according to CBS. Airfare and seasonal accommodation contributed to inflation, though flight prices declined less sharply than in May. HICP data showed Dutch inflation at 2.8 per cent, slightly below May's 2.9 per cent, while eurozone inflation edged up to 2 per cent. The cost of miscellaneous goods and services rose modestly, with the index moving from 0.42 to 0.44. Notably, energy prices in the Netherlands increased YoY, while falling across the wider eurozone. Fibre2Fashion News Desk (SG)
Irish Examiner
01-07-2025
- Business
- Irish Examiner
Euro inflation edges upwards to ECB's 2% target
Euro area inflation climbed marginally last month, with increases in services underpinning a 0.1% rise in overall price levels. New figures released by Eurostat on Tuesday showed inflation in the 20-country bloc rose to the European Central Bank's (ECB) 2% target in June, up from 1.9% in the previous month. Services inflation was expected to have the highest annual rate in June, the statistics agency said, rising to 3.3%, while food, alcohol and tobacco came in at 3.1% which was down marginally on the previous month. Meanwhile, annual energy prices continue to fall, though at a slower pace, dropping by 2.7% in June. Underlying inflation, a closely watched measure that excludes volatile food and fuel prices, held steady at 2.3%, Eurostat found, which was in line with expectations. Anticipating this fall, the ECB has lowered interest rates from record highs by two percentage points over the last year, with the debate now turning to whether it needs to ease policy further to prevent inflation from becoming too low, given weak growth. Future outlook Economists expect one more ECB rate cut to 1.75% before the end of the year, with a period of steady rates then anticipated before possible increases towards the end of 2026. The outlook, however, depends on the outcome of the ongoing trade negotiations between the EU and the US President Donald Trump's administration, who have until July 9th to confirm an arrangement. For now, the conflict has reduced price pressures due to its downward pressure on economic confidence, pushing up the value of the euro and lowering energy prices. Figures released by the Central Statistics Office (CSO) on Monday showed Irish inflation, measured by the harmonised index of consumer prices (HICP) climbed to 1.6% in the 12 months to June, with continuing food price hikes putting growing pressure on consumer costs. This compares with a 1.4% figure for the previous month and an annual increase of 1.9% for the overall eurozone in the same period. Energy prices are estimated to have fallen by 0.2% in the month, while decreasing by some 1.8% annually. Meanwhile, food prices continue to trend upwards, with a 0.3% rise in the past month contributing to a 4.3% hike since June 2024. Excluding energy and unprocessed foods, Irish inflation using the HICP is estimated to have risen by 1.9% since June 2024.
