Consumer prices - March 2025

Final data

In March 2025 the rate of change of the Italian consumer price index for the whole nation (NIC) was +0.3% on monthly basis and +1.9% on annual basis (from +1.6% in February); the flash estimate was +2.0%.

The increase of the growth on annual basis of All-item index was mainly due to the prices of Non-regulated energy products (from -1.9% to +0.7%), of Tobaco (from +4.1 to +4.6%), of Unprocessed food (from +2.9% to +3.3%), of Services related to recreation, including repair and personal care (from +3.1% to +3.5%), of Services related to communication (from +0.5% to +0.8%) and of Durable goods (from -1.5% to -1.2%). On the contrary, the prices of Regulated energy products (from +31.4% to +27.2%) and of Services related to transport (from +1.9% to +1.6%) slowed down.

In March 2025, core inflation (excluding energy and unprocessed food) was stable at +1.7% and inflation excluding energy was +1.8% (up from +1.7% in the previous month).

The annual rate of change of prices of Goods was +1.5% (from +1.1% in February) and that of prices of Services was +2.5% (from +2.4%). As a consequence, the inflationary gap between Services and Goods decreased (from +1.3 percentage points in February to +1.0).

The prices of Grocery and unprocessed food recorded a zero variation on monthly basis and increased by 2.1% on annual basis (up from +2.0% in the previous month).

The increase on monthly basis of NIC was mainly due to the prices of of Services related to transport (+1.2%), of Services related to recreation, including repair and personal care (+0.7%), of Non-regulated energy products (+0.6%), of Tobaco (+0.5%), of Services related to the housing (+0.4%) and of Services related to communication (+0.3%); whose growth was offset by the decrease of prices of Regulated energy products (-2.5%) and of Unprocessed food (-0.3%).

In March 2025 the Italian harmonised index of consumer prices (HICP) increased by 1.6% on monthly basis, mainly due to the end of the winter sales of Clothing and footwear (not considered by NIC), and by 2.1% on annual basis (from +1.7% in February), confirming the flash estimate.

In the first quarter of 2025, inflation measured by HICP had a wider impact on the sub-population with the lowest level of equivalent expenditure (+2.0%) than on households with highest amount (+1.8%).