Istat reported
on Friday that its preliminary estimates revealed Italy’s consumer price index (CPI)
edged up 0.1 per cent m-o-m in March, the same pace as in the previous month. This marked
the fourth straight monthly in the index increase.
Compared to March
2023, the CPI increased 1.3 per cent this month, quickening from 0.8 per cent
in February.
This was the highest annual inflation rate since October 2023 (+1.7 per cent).
Economists had
predicted Italy’s CPI to rise 0.2 per cent m-o-m and 1.4 per cent y-o-y in March.
According to
the report, the acceleration in headline annual inflation in March mainly reflected
softer declines in prices of non-regulated energy products (-10.3 per cent
y-o-y versus-17.2 per cent y-o-y in February) and regulated energy products (-13.8
per cent y-o-y versus -18.4 per cent y-o-y) and stronger increases in prices of
services related to transport (+4.4 per cent y-o-y versus +3.8 per cent y-o-y).
Meanwhile, the price growth eased for unprocessed food (+2.6 per cent y-o-y
versus +4.4 per cent y-o-y) and tobacco (+1.9 per cent y-o-y versus +2.6 per
cent y-o-y).
The core CPI,
which excludes energy and unprocessed food, increased 2.4 per cent y-o-y in March,
cooling slightly from 2.3 per cent y-o-y in February.
Italy's harmonized index of consumer prices
(HICP) in March jumped 1.2 per cent m-o-m (the most since September 2023) and 1.3
per cent y-o-y (the most since October 2023). Economists had forecast the HICP to
rise 0.2 per cent m-o-m and 1.4 per cent y-o-y. In February, the HICP was unchanged
m-o-m and increased 0.8 per cent y-o-y.