Inflation in Italy is growing again, +8.3% in April compared to 2022

An increase of 0.5%, however, on a monthly basis, compared to the last survey conducted by Istat. The acceleration is primarily due to the push on a trend basis in the prices of non-regulated energy goods (from +18.9% to +26.7%). In the Eurozone, inflation stands at 7%

Inflation is picking up again in Italy: the national consumer price index for the whole community (NIC), gross of tobacco, based on preliminary estimates in April recorded an increase of 0.5% on a monthly basis and by 8.3% on an annual basis, from +7.6% in the previous month. Istat notes it in the latest published estimate. The acceleration of the inflation rate is primarily due to the increase on a trend basis in the prices of non-regulated energy goods (from +18.9% to +26.7%). Core inflation, excluding energy and fresh food, remained stable at +6.3%, as did that excluding energy products alone (at +6.4%).

Unregulated energy prices are rising

The inflation acquired for 2023 is equal to +5.4% for the general index and +4.6% for the core component. The acceleration of the inflation rate on a trend basis is due to the increase in the prices of unregulated energy goods (from +18.9% to +26.7%) and, to a lesser extent, those of recreational, cultural and for personal care (from +6.3% to +6.7%) and various services (from +2.5% to +2.9%). These effects were only partially offset by the more marked decline in regulated energy prices (from -20.3% to -26.4%) and by the slowdown in processed food prices (from +15.3% to +14. 7%), unprocessed food (+9.1% to +8.4%), housing-related services (+3.5% to +3.2%) and transport-related services ( from +6.3% to +6.0%). The growth on an annual basis is accentuated in the prices of goods (from +9.7% to +10.6%) and, to a lesser extent, of services (from +4.5% to +4.7%), leading the inflationary differential between the services and goods sectors at -5.9 percentage points, from -5.2 in March.

Inflation on the rise throughout the Eurozone

Overall, in April inflation started to rise again in the Eurozone as well, reaching 7%, slightly up on the 6.9% recorded in March. This was communicated by Eurostat in its first flash estimate. This is the first rise in inflation after the decline that began last November from the record levels reached in 2022. According to data collected and released by the European statistics office, in April food, tobacco and alcohol were confirmed as the main component driving the trend of inflation, although the increase in prices in the sector fell to 13.6% compared to 15.5% in March. Non-energy industrial goods follow (6.2%, compared to 6.6% in March), and services (5.2%, compared to 5.1% in March). On the other hand, a trend reversal for energy prices, which rose again in April, recording 2.5% compared to -0.9% in the previous month.