Energy, transformed food products, and frequent purchases are hitting lower-income families harder than higher-income ones. The gap between them has widened to 1.1 percentage points. This moderation in inflation hides a significant difference between the two groups.

In June, the general price index at consumption remained unchanged from the previous month, while annual growth slowed down by two tenths of a point. Behind this moderation lies a significant distance between the two groups, determined not just by changes in individual prices, but also by how different expenses weigh on their budgets. In the second quarter, according to data published by Republica, the differential inflation between the least-able and most-capable-to-spend households reached as high as 1.1 percentage points.

For those in the lowest income bracket, the rate of increase was 3.7%, whereas for those in the highest income bracket it was 2.6%. The result turned the situation around from the first quarter when inflation was more pronounced among the wealthy. The main reason cited is the return of pressure on energy prices.

Electricity and gas absorb 17.1% of family spending power with less disposable income, but only 7.3% with more wealth. The same variation in price produces very different effects: for who can afford less, the incidence results twice as much. The inequality emerges even observing the contribution of the energy component to overall inflation.

In the second quarter, energy added nearly two percentage points to recorded inflation for the poorest group. In contrast, for the richest group, the contribution was actually lower than one percentage point. This difference reflects the structure of consumption before considering the condition of household income strictly.

Only in June did energy costs accelerate, moving from an annual growth of 11.9% to a 13%. According to Repubblica, the trend of supply in free-market markets shows that electricity prices rose by 14% compared to last year, while gas showed a rise of 9.9%. These variations are significantly higher than the general inflation rate.

A second factor of pressure is represented by purchased goods consumed more frequently. Their prices increased by 3.9% over base-year comparison, nine tenths above the total index. Frequent purchases make these increases immediately perceivable and reduce adaptation spaces for families concentrating their resources on recurring needs rather than savings.

Even transformed food products contribute to explain why cost-of-life distribution is so unevenly distributed. According to data source, this category absorbs almost one-fifth of family spending power with less disposable income but only about ten percent of wealthier households' expenses. Consequently, similar price changes translate into greater economic sacrifices proportionally for those most exposed.

The June picture therefore presents two trends coexisting. On one hand, the overall annual growth rate slows down and the general price index remains unchanged from May. On the other hand, energy accelerates and frequent purchases continue increasing at a faster pace.

This combination shifts the weight of inflation towards lower-income households who allocate larger shares of their budget to energy, gas, and nutrition. Comparing the 3.7% increase suffered by the poorest group with the 2.6% experienced by the richest group shows that reading based solely on national average figures would be misleading. Lower inflation does not necessarily mean lesser pressure felt by all: it depends which prices are rising and what space they occupy in different consumption habits.

Information available pertains to second quarter and June months. It should clarify especially the evolution of electricity and purchased goods consumed more frequently, components highlighted particularly by Repubblica's report. The gap between them persists or diminishes?

Only future data will tell.