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Press release

Consumer prices: provisional data

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In July 2014, according to provisional estimates, the Italian consumer price index for the whole nation (NIC) declined by 0.1% compared with the previous month and rose by 0.1% with respect to July 2013 (down from 0.3% in June 2014).

The slowdown of inflation was mainly due to the extension of the decrease on annual basis of prices of Regulated energy products, whereas the contributions of some other groups of products were minor.

Excluding unprocessed food (whose decline on annual basis was stable at -2.9%) and energy, core inflation was 0.6% (0.1 lower than in June 2014); excluding only energy, the inflation was 0.3% (down from 0.5% in June 2014).

The decrease on monthly basis of All items index was mainly due to the decline of prices of Fresh fruit (-9.2%) and Fresh vegetables (-3.9%) ‒ on which seasonal factors had an impact ‒ and of prices of Regulated energy products (-3.1%); this decline was partially balanced by the monthly increases of prices of Non-regulated energy products (+0.8%) and of Services related to transport (+1.5%), also the latter mainly due to seasonal factors.

The annual rate of change of prices of Goods was -0.6% (from -0.3% in June 2014) whereas the annual rate of change of prices of Services was stable at 0.8%. As a consequence, the inflationary gap between Services and Goods increased by 0.3 percentage points with respect to June 2014.

Prices of Grocery and unprocessed food declined by 0.7% on monthly basis and by 0.6% on annual basis (from -0.5% observed in June 2014).

In July 2014, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) decreased by 2.1% compared with the previous month and registered an annual rate of change equal to zero (from 0.2 in June 2014). The large decrease on monthly basis was mainly due to the summer sales of Clothing and footwear (-20.2% with respect to June 2014), which are not taken into account in the national index NIC.

Core inflation measured by Italian HICP was 0.6% (down from 0.7% in June 2014); same trend was registered for the inflation calculated excluding energy, food, alcohol and tobacco. Excluding energy, the inflation was stable at 0.3%.

Reference period: July 2014

Date of Issue: 31 July 2014

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