Inflation, the impact on household savings will be 164 billion – Corriere.it

Due to record inflation, between 2022 and 2023 the deposits of Italian families – valued in terms of purchasing power – will suffer a 163.8 billion euro cut. This is the estimate provided by the CGIA Research Office starting from deposits for 1,152 billion euros in bank current accounts and estimating that in the two-year period considered, inflation will grow by almost 15 percent (+8.1 last year and +6.1 this year). The outcome that emerged from this elaboration is equal to a hidden asset which will cost an average of 6,338 euros to each single household.

Naturally – explains the CGIA – the greatest damage will be suffered by the families of the richest regions: in Trentino Alto Adige the loss of average purchasing power will be equal to 9,471 euros, in Lombardy 7,533, in Emilia Romagna 7,261 and in Veneto 7,253. At the provincial level, on the other hand, the `asset inflation’ will particularly affect families residing in Bolzano, who will suffer an average withdrawal of 10,542 euros. Milan follows with 8,500, Trento with 8,461, Lecco with 8,201 and Treviso with 7,948. The least affected families, however, will be those located in the province of Syracuse with 3,842 euros, Trapani with 3,595 and Crotone with 3,130.

The association also calls for an assessment of the impact on deposits linked to the ECB’s moves on rates, inviting banks to adjust rates on unconstrained savings upwards, “easily sustainable, given that things have gone very well in the last year ». As the Cgia recalls, the five most important national institutions – Intesa, Unicredit, BancoBpm, Monte Paschi and Bper – closed 2022 with net profits of 12.7 billion. An increase of 65 percent compared to 2021.