Financial News: Italy Inflation Rises To 8.3%, Producer Price Growth

Italy Inflation Rises To 8.3%, Producer Price Growth At 2-Year Low

05/02/2023 - 10:13:00 (RTTNews)

(RTTNews) - Italy's consumer price inflation accelerated in April, driven by a sharp growth in non-regulated energy products, preliminary data from the statistical office showed on Tuesday.

Producer prices increased at the slowest pace in two years, separate official data revealed.

Consumer price inflation accelerated to 8.3 percent in April from 7.6 percent in May.

The annual price growth for non-regulated energy products quickened to 26.7 percent in April from 18.9 percent. Charges for services related to recreation, including repair and personal care, rose 6.7 percent.

Meanwhile, prices of regulated energy products showed a further sharp decline of 26.7 percent.

Excluding energy and fresh food, core inflation stood at 6.3 percent at the start of the second quarter.

On a monthly basis, consumer prices moved up 0.5 percent in April.

Inflation, based on the harmonized index of consumer prices, moderated to 8.8 percent in April from 8.1 percent in the previous month. Economists were looking for a growth of 7.8 percent.

Compared to the previous month, the HICP increased 1.0 percent verus an expected fall of 0.1 percent.

Another report from the statistical office revealed that producer prices climbed 3.8 percent annually in March, slower than the 9.6 percent rise in February.

Furher, this was the weakest rate of growth since March 2021, when prices had risen 2.7 percent.

Prices on the domestic market were 3.0 percent higher in March compared to last year, while those in the foreign market grew 5.1 percent.

On a monthly basis, producer prices decreased 1.5 percent in March, following a 1.0 percent fall in the prior month.

Separate official data showed that the non-EU trade balance turned to a surplus of EUR 8.45 billion in March from a deficit of EUR 793 million in the corresponding month last year. In February, there was a surplus of EUR 3.99 billion.

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