Istat revises its inflation estimates downwards. In March 2022, the institute estimates that the national consumer price index for the whole community (NIC), before tobacco, recorded an increase of 1.0% on a monthly basis and of 6.5% on annual basis (from + 5.7% the previous month). The preliminary estimate was + 6.7%.
Acceleration driven by energy assets
The acceleration in inflation on a trend basis is also due this month mainly to the prices of energy goods (whose growth goes from + 45.9% in February to + 50.9%), in particular those of the non-regulated component ( from + 31.3% to + 36.4%) while the prices of the regulated component continue to be almost double those recorded in the same month last year (+ 94.6%, as in February). The prices of both processed (from + 3.1% to + 3.9%) and unprocessed (from + 6.9% to + 8.0%) food goods, as well as those of durable goods (from +1, 2% to + 1.6%) and semi-durable goods (from + 1.0% to + 1.5%).
Transport prices down
The prices of transport services, on the other hand, recorded a slowdown (from + 1.4% to +1.0%). The “core inflation”, net of energy and fresh food, accelerates from +1, 7% to + 1.9% and that net of energy goods alone from + 2.1% to + 2.5%. On an annual basis, the prices of goods accelerate significantly (from + 8.6% to +9 , 8%), while those of services remain stable (+ 1.8%); therefore the negative inflation differential between the latter and the prices of goods widens (from -6.8 percentage points in February to -8.0).
Inflation acquired for 2022 at + 5.2%
The inflation acquired for 2022 is equal to + 5.2% for the general index and + 1.5% for the core component. The harmonized index of consumer prices (HICP) increases by 2.4% on monthly basis, also due to the end of the winter sales, which the NIC does not take into account, and by 6.8% on an annual basis (from + 6.2% in February); the preliminary estimate was + 7.0%. The national consumer price index for blue-collar and white-collar households (FOI), net of tobacco, recorded an increase of 1.0% on a monthly basis and 6.4% on an annual basis. In the first quarter of 2022, the impact of inflation, measured by the HICP, is larger on households with lower spending power than those with higher spending levels (+ 8.3% and + 4.9% respectively).