+ 1.2% in March over February, + 6.7% over the year

Inflation continues to run, accelerating in March for the ninth consecutive month. According to preliminary estimates by Istat, this month the national consumer price index for the entire community (Nic), before tobacco, recorded a increase of 1.2% on a monthly basis and of 6.7% on an annual basis (from + 5.7% in the previous month). An increase that has not been recorded since 1991.

The acceleration in inflation on a trend basis is also due this month mainly to the prices of energy goods (whose growth goes from + 45.9% in February to + 52.9%), in particular those of the non-regulated component ( from + 31.3% to + 38.7%), and, to a lesser extent, at the prices of food goods, both processed (from + 3.1% to + 4.0%) and unprocessed (from +6, 9% to + 8.0%) and those of Durable goods (from + 1.2% to + 1.9%); the prices of regulated energy goods continue to be almost double those recorded in the same month last year (+ 94.6%, as in February).

Services relating to transport, on the other hand, recorded a slowdown (from + 1.4% to + 1.0%). “Core inflation”, net of energy and fresh food, accelerates from + 1.7% to + 2.0% and that net of energy goods alone from + 2.1% to + 2.5% .

On an annual basis, the prices of goods accelerated significantly (from + 8.6% to + 10.2%), while those of services remained stable (+ 1.8 %%); therefore the negative inflation differential between the latter and the prices of goods widens (from -6.8 percentage points in February to -8.4).

The cyclical increase in the general index is mainly due to the prices of non-regulated energy goods (+ 8.9%) and to a lesser extent of processed food goods (+ 1.0%), of transport services (+ 0.9%), durable goods (+ 0.7%) and unprocessed food (+ 0.6%).

The inflation acquired for 2022 is equal to + 5.3% for the general index and + 1.6% for the core component. Finally, according to preliminary estimates, the harmonized index of consumer prices (Ipca) increases by 2.6% on a monthly basis, mainly due to the end of the winter sales, which the NIC does not take into account, and by 7.0 % on an annual basis (from + 6.2% in February).

By Editor

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