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Inflation is patrimonial on current accounts: the monstrous figure

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Inflation is patrimonial on current accounts: the monstrous figure
Written by aquitodovale

A tax of the worst kind, because it mainly affects those with less. In certain conditions, the effects it releases are even more worrying: we are talking about inflation that is “knocked down” like a balance sheet on current accounts.

Inflation, “tax” on current accounts

In a difficult time like this, families think they have their own. Safe “nest egg”; in reality it is a monetary illusion, since part of the savings is destined to “evaporate”. How much? The CGIA Studies Office took care of the accounts. In purely theoretical terms, in fact, in this last year the increase in inflation has cost Italians more 92 billion euros. How did you come to this result? Taking into account that in the last 12 months the interest rate applied by credit institutions on bank deposits has hovered around zero and inflation, on the other hand, has grown by 8 percent, with savings unchanged, which at 31 December last they totaled 1.152 billion, the high cost of life has eroded the latter by 92.1 billion euros.

Worse than 6 per thousand Amato

The somewhat singular aspect of this whole story – explain the craftsmen from Mestre – is that people struggle to grasp and quantify the negative effects of inflation on savings. At a distance of 30 years, for example, everyone still remembers with great anger the extraordinary levy of 6 per thousand imposed by the then Amato government on Italian current accounts. In fact, in the summer of 1992 that measure cost families 5,250 billion lire, or 2.7 billion euros. Reassessing this amount in May 2022, the levy rises to € 5 billion; practically an economic “sacrifice” 18 times less than the estimated 92 billion, in the last year, by the CGIA Studies Office

Lombardy, Lazio and Veneto the most penalized

At a territorial level, the highest cost was paid by i savers of the richest regions: in Lombardy the loss of purchasing power was 19.4 billion in Lazio of 9.3, in Veneto of 8.3 and in Emilia Romagna di 8.12. The result that emerged from the comparison between the country’s macro geographical areas is certainly a great surprise. If in the Northwest the “withdrawal” was as much as 29.8 billion, in the South it reached 22.8 billion; a figure, the latter, higher than the 20.7 billion recorded in the Northeast and, even more, compared to the 18.8 billion attributable to the Center

Slipping into stagflation

The danger that our economy is slowly sliding towards the stagflation is very high. The latter is a term unknown to most people, also because it rarely occurs, that is when very low (if not negative) economic growth is accompanied by very high inflation which causes an increase in the unemployment rate. An economic situation that could also occur in Italy in a relatively short time. With the difficulties linked to the pandemic, the effects of the war in Ukrainedue to the increase in the prices of raw materials and energy products, in the medium term, we risk seeing economic growth slide towards zero, with inflation which, on the other hand, could soon reach double digits.

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