Consumer prices - March 2024

In March 2024 the rate of change of the Italian consumer price index for the whole nation (NIC) was null compared with the previous month and +1.2% on annual basis (from +0.8%); the flash estimate was +1.3%.

The increase of the growth on annual basis of All-item index was mainly due to the prices of Non-regulated energy products (from -17.2% to -10.3%), of Regulated energy products (from -18.4% to -13.8%) and, to a lesser extent, of Services related to transport (from +3.8% to +4.5%). On the contrary, the prices of Unprocessed food (from +4.4% to +2.6%), of Tobacco (from +2.6% to +1.9%) and of Processed food including alcohol (from +3.4% to +2.8%) slowed down.

In March 2024, core inflation (excluding energy and unprocessed food) was stable at +2.3% and inflation excluding energy was +2.4% (from +2.6%).

As for Goods, the year on year growth rate was -0.2% (from -0.9% in February) and for Services the annual rate of change was +3.0% (from +2.9%). As a consequence, the inflationary gap between Services and Goods decreased (from +3.8 percentage points in February to +3.2).

The prices of Grocery and unprocessed food was -0.1% on monthly basis and +2.6% on annual basis (down from +3.4% in the previous month).

The zero increase on monthly basis was mainly due to the prices of Services related to transport (+1.5% also due to seasonal factors), of Regulated energy products (+0.7%) and of Non-durable goods (+0.4%); whose growth was offset by the decrease of prices of Non-regulated energy products (-1.9%) and of Unprocessed food (-0.8%).

In March 2024, the Italian harmonised index of consumer prices (HICP) increased by 1.2% on monthly basis, mainly due to the end of the winter sales of Clothing and footwear (not considered by NIC); as a result, the annual rate of change of the Italian HICP was 1.2% (from +0.8% in February); the flash estimate was +1.3%.

In the first quarter of 2024, inflation measured by HICP had a wider impact on the sub-population with the lowest level of equivalent expenditure than on households with highest amount of expenditure (-0.4% and +1.7% respectively).