Italy Inflation April 2022

Italy

Italy: Inflation decreases in April

April 29, 2022

Consumer prices increased 0.18% over the previous month in April, slowing down from March's 1.01% increase. April's result marked the weakest reading since September 2021. Looking at the details of the release, the lower reading was largely due to a deceleration of energy price pressures. Government measures taken to limit fuel prices and a 10% cut in electricity and gas tariffs by the state energy regulator were largely responsible.

Inflation came in at 6.2% in April, which was down from March’s 6.5%. Meanwhile, the trend pointed up, with annual average inflation coming in at 3.6% in April (March: 3.2%). Lastly, harmonized inflation edged down to 6.6% in April, from the previous month's 6.8%. That said, core inflation increased to 2.5% in April from 2.0% in March.

Looking ahead to the rest of Q2, the cuts to electricity and gas tariffs will reduce upward pressure on inflation. A potential extension of the government measures to limit fuel prices poses a downside risk, while rising core price pressures poses an upside risk.

FocusEconomics panelists expect harmonized inflation to average 5.7% in 2022, which is up 1.6 percentage points from the previous month’s projection. For 2023, panelists expect harmonized inflation to average 1.9%.


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Italy Inflation April 2022

Note: Year-on-year and month-on-month var. of consumer price index in %.
Source: National Statistical Institute (Istat).


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