Consumer prices (provisional data) - March 2025

According to preliminary estimates, in March 2025 the Italian consumer price index for the whole nation (NIC) was +0.4% compared with the previous month and +2.0% on annual basis (from +1.6% in February).

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 +1.3%), of Tobaco (from +4.1 to +4.6%), of Unprocessed food (from +2.9% to +3.3%), of Services related to communication (from +0.5% to +0.8%), of Services related to recreation, including repair and personal care (from +3.1% to +3.3%) and of Durable goods (from -1.5% to -1.2%). On the contrary, the prices of Regulated energy products (from +31.4% to +27.3%) 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).

As for Goods, the year on year growth rate was +1.7% (from +1.1% in February) and for Services the annual rate of change was +2.4% (the same as the previous month). As a consequence, the inflationary gap between Services and Goods decreased (from +1.3 percentage points in February to +0.7).

The prices of Grocery and unprocessed food increased by 0.1 on monthly basis and 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 Non-regulated energy products and of Services related to transport (+1.2% both), of Tobaco and of Services related to recreation, including repair and personal care (+0.5% both) and of Services related to communication (+0.3%); whose growth was offset by the decrease of prices of Regulated energy products (-2.4%) and of Unprocessed food (-0.4%).

In March 2025, according to preliminary estimates, 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).