In April 2024, it is estimated that the national consumer price index for the entire community (NIC), including tobacco, will increase by 0.1% on a monthly basis and by 0.8% on an annual basis ( from +1.2% of the previous month); the preliminary estimate was +0.9%.
The slight slowdown in the inflation rate is due to the widening on a trend basis of the decline in the prices of non-regulated energy goods (from -10.3% to -13.9%) and to the deceleration in the prices of transport-related services ( from +4.5% to +2.7%), Various Services (from +2.3% to +1.8%), Non-durable Goods (from +2.0% to +1.5%) and unprocessed foodstuffs (from +2.6% to +2.2%) and processed foodstuffs (from +2.8% to +2.5%); on the other hand, there was an acceleration in the prices of tobacco (from +1.9% to +3.3%), recreational, cultural and personal care services (from +3.2% to +3.8 %) and regulated energy goods (from -13.8% to -1.3%).
In April, “underlying inflation”, net of energy and fresh food, decelerated from +2.3% to +2.1% and that net of energy goods alone from +2.4% to + 2.1%.
The trend dynamics of the prices of goods recorded a slightly larger decline (from -0.2% to -0.6%) and that of services was slightly decelerating (from +3.0% to +2.9%), resulting in an increase in the inflationary differential between the services and goods sectors (+3.5 percentage points, from +3.2 in March).
The prices of food, household and personal care goods slow down on a trend basis (from +2.6% to +2.3%), while those of high-frequency purchase products accelerate (from +2.5% to March % at +2.6%).
The cyclical increase in the general index mostly reflects the growth in prices of recreational, cultural and personal care services (+1.6%), tobacco products (+1.3%) and related services to transport (+0.7%). The effects of these increases were only partially offset by the decrease in the prices of regulated (-10.1%) and non-regulated (-1.8%) energy goods.
The acquired inflation for 2024 is equal to +0.6% for the general index and +1.6% for the underlying component.
The harmonized index of consumer prices (HICP) increases by 0.5% on a monthly basis, due to the end of seasonal sales which the NIC does not take into account, and by 0.9 on an annual basis (from +1.2% of March); the preliminary estimate was +1.0%.
The national consumer price index for families of workers and employees (FOI), net of tobacco, recorded a decrease of 0.1% on a monthly basis and an increase of 0.8 on an annual basis.
The comment
In April inflation began to fall again, returning to the same level as January and February (+0.8%). The slight deceleration is mostly affected by the trend in prices of non-regulated energy goods (-13.9% from -10.3% in March) and transport-related services (+2.7% from +4.5%). Food prices also slowed slightly (+2.4% from +2.7%).
On the other hand, the prices of regulated energy goods, despite the significant decline on an economic basis (-10.1%), show a clear upward trend profile (-1.3% from -13.8%). The rate of growth on an annual basis in the prices of the “shopping cart” continues to decline, also in April (+2.3% from +2.6%), while underlying inflation stands at +2.1 % (from +2.3%).
Interactive chart
Consumer price index for the entire community (base 2015=100)
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