Italy April EU-harmonised CPI rises to 8.8% y/y, well above forecasts

ROME, May 2 (Reuters) - Italian EU-harmonised consumer prices (HICP) rose a preliminary 1.0% month-on-month in April, with annual inflation accelerating to 8.8% from 8.1% in March, data showed on Tuesday. The HICP was well above the median forecast of a 7.8% year-on-year rise, in a Reuters survey of 7 analysts. Official statistics agency ISTAT also reported that the main domestic price index (NIC), was up 0.5% on the month and up 8.3% annually in April, following a 7.6% annual rate in March. Core inflation (net of fresh food and energy) was stable at 6.8% year-on-year on the HICP index in April.

ISTAT gave the following preliminary breakdown:

The EU-harmonised index (HICP): APR MAR FEB
Monthly change 1.0 0.8 0.1 Yr/yr inflation 8.8 8.1 9.8 Index (base 2015=100) 121.5 120.3 119.4

The NIC index:
Monthly change 0.5 -0.4 0.2 Yr-on-yr inflation 8.3 7.6 9.1 Index (base 2015=100) 119.4 118.8 119.3

ISTAT gave the following sector-by-sector breakdown for the HICP in April:

Sector m/m yr/yr Food 0.8 12.7 Alcoholic drinks, tobacco 0.3 4.5 Clothing 4.8 3.4 Housing, electricity, fuel -0.2 16.9 Domestic goods 0.7 7.2 Health spending 0.1 2.4 Transport 0.9 5.1 Communications -0.4 0.6 Recreation -0.1 6.6 Education 0.0 0.9 Hotels, restaurants 1.5 8.2 Other goods, services 1.0 4.6 (Reporting by Antonella Cinelli)

Reuters

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Italy April EU-harmonised CPI rises to 8.8% y/y, well above forecasts

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