Inflation in Italy slowed in April but remains high

0
34

Inflation in Italy slowed in April to 6.2% year-on-year, but remains high, according to provisional figures published this Friday by the National Statistics Institute (Istat).

Inflation, which reached its highest level since September 1991, mainly due to energy prices, had a contained increase (+42.4%) and slowed compared to March (+50.9%).

The prices of processed food products registered an increase of 5.4% in one year, against 3.9% in March. On a month-on-month basis, prices rose 0.2% in April, Istat specifies.

The inflation index, calculated according to the harmonized standards of the European Union (IPCA), increased in April by 0.6% in one month and 6.6% in one year.

“After nine months of acceleration, inflation slowed in April, although it remained at a level not seen since September 1991 due to the prices of energy goods,” Istat explained in a note.

“The inflationary trend continues to spread to other sectors… helping to keep headline inflation above 6%,” Istat added.

To curb rising energy prices, the Italian state has suspended or reduced taxes and charges related to gas and electricity bills.

The government has provided some 25 billion euros ($26.4 billion) since mid-2021 to offset electricity and gas costs for homes and businesses.

ljm/kv/sea