Consumer prices

In April 2021 the rate of change of Italian consumer price index for the whole nation (NIC) was +0.4% on monthly basis and +1.1% on annual basis (from +0.8% in March), confirming the flash estimate.

The speed-up of All-item index was mainly due to that of prices of Energy (from +0.4% in March to +9.8%) and specifically to prices of both Regulated (from -2.2% to +16.8%) and Non-regulated energy products (from +1.7% to +6.6%); this dynamics was only partially offset by the trend reversal of prices of Unprocessed food (from + 1.0% to -0.3%) and of Services related to transport (from + 2.2% to -0.7%).

Both core inflation (excluding energy and unprocessed food) and inflation excluding energy were +0.3% (down from +0.8% in the previous month).

The increase on monthly basis was mainly due to the prices of Regulated energy products (+3.6%), of Services related to recreation, including repair and personal care (+1.4%), of Non-regulated energy products and of Food including alcohol (both +1.0%), only partially offset by the decrease of prices of Services related to transport (-1.2%).

Prices of Grocery and unprocessed food increased by 0.6% on monthly basis and decreased by 0.7% on annual basis (from -0.1% in the previous month).

In April 2021 the rate of change of the Italian harmonized index of consumer prices (HICP) was +0.9% on monthly basis and +1.0% on annual basis (from +0.6% in March), confirming the flash estimate.

The different dynamics between HICP and NIC was due to the end of the winter sales, thereof NIC does not take into account and that partially went on in March: specifically the prices of Clothing and footwear increased by 5.1% on monthly basis but still decreased by 0.2% on annual basis (from -0.7%).

On pages 11-12 the methodological note describes the choices adopted to deal with the ongoing issues deriving from Covid-19 crisis.