Italy's consumer price index rises 8.2% annually in April 2023: Istat

18 May '23

2 min read

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In April 2023, Italy's consumer price index for the entire nation rose 0.4 per cent monthly and 8.2 per cent annually, fuelled by a surge in non-regulated energy prices, as per Istat.
Core inflation was 6.2 per cent, while the price of goods increased by 10.4 per cent annually.
The harmonised index of consumer prices also saw an 8.7 per cent annual growth.

The Italian consumer price index for the entire nation (NIC) saw a rise in April 2023, according to the latest data by the Italian National Institute of Statistics. On an annual basis, the rate of change was 8.2 per cent, while the monthly increase was 0.4 per cent. This represents a significant acceleration from March's annual rate of 7.6 per cent. The initial flash estimate for April was slightly higher, at 8.3 per cent.

The acceleration in the growth of the all-item index on an annual basis is primarily attributed to the increasing prices of non-regulated energy products, which surged from 18.9 per cent to 26.6 per cent. Conversely, the annual rate of change for the prices of regulated energy products witnessed a significant drop, declining from minus 20.3 per cent to minus 26.7 per cent.

The core inflation, which excludes energy and unprocessed food, was reported at 6.2 per cent, slightly down from 6.3 per cent in March. Similarly, the all-items index excluding energy also fell slightly to 6.3 per cent from 6.4 per cent in the previous month, as per istat.

The annual rate of change in the prices of goods was 10.4 per cent, up from 9.7 per cent in March 2023, suggesting an increasing cost of goods in the Italian market.

Furthermore, the Italian harmonised index of consumer prices (HICP) rose by 0.9 per cent on a monthly basis and by 8.7 per cent on an annual basis, up from 8.1 per cent in March 2023. The initial flash estimate for the HICP was marginally higher at 8.8 per cent.

The difference in the monthly dynamics between the HICP and the NIC is attributed to the end of the winter sales, which are not considered in the NIC index. These sales partly continued into March. In April, the prices of clothing and footwear increased by 4.8 per cent on a monthly basis, indicating a rebound in these sectors as the sales period ended.

Fibre2Fashion News Desk (DP)

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