Istat, inflation slows down in March thanks to the drop in energy goods
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In March, Istat revises the final data on inflation slightly downwards: compared to the preliminary estimate of growth of 7.7%, the final figure fixes the increase in the national consumer price index on an annual basis for the entire community (NIC), gross of tobacco, at 7.6% (from +9.1% in February) with a decrease of 0.4% on a monthly basis. The slowdown in inflation is primarily due to the deceleration on a trend basis in the prices of non-regulated energy goods (from +40.8% to +18.9%) and to the accentuated decline in those of regulated energy ( from -16.4% to -20.3%), the effects of which were only partially offset by the acceleration in the prices of unprocessed food (from +8.7% to +9.1%), those of services relating to housing (from +3.3% to +3.5%), recreational, cultural and personal care services (from +6.1% to +6.3%) and tobacco (from +1.8% to +2.5%). The harmonized index of consumer prices (Ipca), which allows for a comparison at the European level, increased in March by 0.8% on a monthly basis, due to the end of the seasonal sales which the Nic does not take into account, and by 8 .1% on an annual basis (a clear slowdown from +9.8% in February); the preliminary estimate was +8.2 percent.
The national consumer price index for blue-collar and white-collar households (Foi), net of tobacco, recorded a decrease of 0.4% on a monthly basis and an increase of 7.4% on an annual basis. In the first quarter of 2023, the impact of inflation, measured by the Ipca, is greater on households with lower spending power than on those with higher spending levels (+12.5% and +8.2% respectively). The growth on an annual basis in the prices of goods slows down (from +12.4% to +9.7%), while that relating to services is slightly accentuated (from +4.4% to +4.5%). bringing the inflation differential between the services and goods sectors to -5.2 percentage points, from -8.0 in February.
«In March – reads a note from the Institute – the phase of rapid return of inflation continued (dropped to +7.6%), driven by the dynamics of the prices of energy goods, both for the regulated and non-regulated components (both sharply down on a cyclical basis). In addition, despite the persistence of upward tensions in the sector of unprocessed food goods and services, signs of an end to the phase of acceleration which, in recent months, had characterized the dynamics of prices in large sectors of the basket. After the progression that characterized 2022, core inflation stabilized at +6.3 per cent. Finally, the prices of the “shopping cart” slow down on a year-on-year basis, falling to +12.6 percent”. The prices of food, home and personal care products recorded a deceleration, albeit slight, in trend terms (from +12.7% to +12.6%), while those of frequently purchased products show a more conspicuous slowdown (from +9.0% to +7.6%).
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