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Italian Inflation Hits +7.0%, Softer than Expected

ITALY DATA
MNI (London)

ITALY FLASH MAR HICP +2.6% M/M, +7.0Y/Y; FEB +6.2%Y/Y

MAR FLASH HICP CORE INFLATION +2.1% Y/Y; FEB +1.9%Y/Y
MAR FLASH 'NIC' CPI +1.2% M/M, +6.7% Y/Y; FEB +5.7%

MAR Y/Y NIC AVG (+6.7%) HIGHEST SINCE JUL1991--ISTAT

  • Italian headline harmonised inflation quickened to +7.0% y/y in the March flash, up 0.8pp from February, however 0.2pp below the consensus forecast of +7.2% y/y. This is a new euro-era high.
  • On the month, HICP increased by +2.6%, also softer than the anticipated +2.8% m/m jump. This is a substantial acceleration from +0.8% m/m seen in February and the strongest jump since the 80s.
  • The key upwards driver remains energy, which soared to +52.9% y/y in March (+45.9% Feb), followed by unprocessed food at +8.0% y/y from +6.9% y/y last month.
  • Harmonised core inflation reached +2.1% y/y, ticking up 0.2pp.

Source: ISTAT

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