According to preliminary estimates, in March 2023 the rate of change of the Italian consumer price index for the whole nation (NIC) was -0.3% on monthly basis and +7.7% on annual basis (from +9.1% in February).
The slow down of the annual inflation rate was mainly due to the prices of Non-regulated energy products (from +40.8% to +18.9%) and to the more marked decline in those of Regulated energy products (from -16.4% to -20.4%) and, to a lesser extent, by the contraction in the prices of Processed food (from +15.5% to +15.3%), Non-durable goods (from +7.0% to +6.8%) and Services related to transport (from +6.4% to +6.3%). On the contrary, an upward contribution to the inflation rate came from the prices of Unprocesses food (from +8.7% to +9.3%), Tobacco (from +1.8% to +2.5%) and those of Services related to recreation including repair and personal care (from +6.1% to +6.3%).
In March, the core inflation (All-items excluding energy and unprocessed food) was +6.4% (up from +6.3% in February), while the annual rate of change of the All-items index excluding energy was +6.5% (up from +6.4% in the previous month).
As for Goods, the year on year growth rate was +9.8% (down from +12.4% in February) while for Services the annual rate of change was +4.5% (+4.4% in the previous month). As a consequence, the negative inflationary gap between Services and Goods decreases (from -8.0 percentage points in February to -5.3).
Prices of Grocery and unprocessed food increased by +0.8% on monthly basis and remained stable at +12.7% on annual basis.
The month on month decrease of NIC (-0.3%) was mainly due to the prices of Energy products, both Non-regulated (-9.6%) and Regulated (-4.8%). At the same time, the prices of the following aggregates have increased: Unprocesses food (+1.2%), Services related to transport (+0.9%), Processed food including alcohol and Tobacco (+0.7% both), Durable goods and Semi-durable goods (+0.5% both) and Non-durable goods and Services related to recreation including repair and personal care (+0.3% both).
In March 2023, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 0.8% on monthly basis, mainly due to the end of the winter sales of Clothing and footwear (not considered by NIC), and by 8.2% on annual basis (from +9.8% in February).