Italy's EU-Harmonised Consumer Prices Surge to 2.9% YoY in April 2024
April 2024 Inflation Data and Economic Context
Monthly and Annual Inflation Rates
ROME, April 30 (Reuters) - Italian EU-harmonised consumer prices (HICP) rose by 1.7% in April from the month before, with the annual inflation rate surging to 2.9% from 1.6% in March amid increasing energy costs due to turmoil in the Middle East, preliminary data showed on Thursday.
Analyst Forecasts vs. Actual Results
The reading was far above a median forecast in a Reuters survey of 16 analysts which pointed to an increase of 1.3% month-on-month and a year-on-year rise of 2.5%.
Historical Comparison
April's year-on-year rate was the highest since October 2023, official statistics agency ISTAT said.
Breakdown by Price Index and Core Inflation
ISTAT also reported that the main domestic price index (NIC) was up 1.2% month-on-month in April and up 2.8% annually, following a 1.7% annual increase in March.
Core inflation (net of fresh food and energy) was running at 1.6% year-on-year on the HICP index in April, slowing from 1.8% in March.
Reporting and Editorial Credits
(Reporting by Antonella Cinelli, graphic by Stefano Bernabei, editing by Gavin Jones)
