Istat data

Hormuz effect on producer prices: +4.4% in March

Energy-related surge. Year-on-year +4.2%, up from -2.7% in February

by Luca Orlando

28 April 2026

Sunset clouds glow over pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau region, Kazakhstan, April 21, 2026. REUTERS/Pavel Mikheyev REUTERS

2' min read

Translated by AI

Versione italiana

2' min read

Translated by AI

Versione italiana

First upward tear in producer prices, which in March 'responded' in a timely manner to the start of the US-Israeli war in Iran, soaring especially in the energy component. The benchmark index thus rose to its highest level since early 2023.

Thus, according to Istat data, producer prices in industry increased by 4.4 per cent on a monthly basis and 4.2 per cent on an annual basis (it was -2.7 per cent in February).

On the domestic market, prices rose by 5.9% compared to February and 5.4% year-on-year (from -3.7% in the previous month). Excluding the energy sector, price growth was much lower on both a cyclical (+0.4%) and trend (+1.5%; up from +1.2% in February) basis.

Looking at individual sectors, there are, however, areas that are already reacting in March to the price increases triggered by energy and supply chain bottlenecks: for metallurgy the year-on-year increase is 4%, for chemicals more than one point.

On the foreign market, prices increased by 0.9% on a monthly basis (+0.2% euro area, +1.4% non-euro area) and by 1.1% on an annual basis (+1.3% euro area, +1.1% non-euro area).

In Q1 2026, compared to the previous quarter, industrial producer prices grew by 2.5 %, with stronger dynamics in the domestic market (+3.2 %) than in the foreign market (+0.6 %).

In March 2026, among manufacturing activities, the largest year-on-year increase in the domestic market was for coke and refined petroleum products (+45.1%), followed by metallurgy and fabrication of metal products, excluding machinery and equipment (+4.9%); on the foreign market, the most pronounced year-on-year increases were recorded for coke and refined petroleum products (+17.2% non-euro area), other manufacturing, repair and installation of machinery and equipment (+5.9% euro area, +11.2% non-euro area) and transport equipment (+5.7% euro area). On the domestic market, electricity and gas supply prices returned to growth on an annual basis (+6.6%, from -12.4% in February).

In March 2026, construction producer prices for Residential and Non-residential Buildings rose by 0.8% on a monthly basis and by 1.6% on an annual basis (from +1.2% in February); those for Roads and Railways increased by 2.9% in both cyclical and trend terms (it was -0.2% the trend change recorded in February).

In the first quarter of 2026, compared to the previous quarter, the prices of Residential and Non-Residential Buildings grew by 0.7 per cent, those of Roads and Railways by 1.2 per cent.

Luca Orlandoinviato-caporedattore
- @lucaorlando66
Luogo: Milano
Lingue parlate: Inglese
Argomenti: Imprese, meccanica, innovazione, export, macchinari, Industria 4.0, robot
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