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Press release

Consumer prices

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In April 2015, the Italian consumer price index for the whole nation (NIC) rose by 0.2% on monthly basis and, as in the two previous months, declined by 0.1% on annual basis (the flash estimate was 0.0%).

It was for the fourth consecutive month that the All items index recorded a decrease on annual basis. This was due to the persistence of the marked decline of prices of Energy (-6.4%, from -6.5% in March 2015) and to the decrease on annual basis of prices of Services related to transport (-0.6%, from +0.5% in March 2015), of Services related to housing (-0.2%, from -0.1% in the previous month) and of Services related to communication (-0.1%, from +1.0% in March 2015).

Indeed, excluding energy, the inflation was stable at 0.6%, while excluding energy and unprocessed food, core inflation was 0.3% (0.1 lower than in March 2015).

The increase on monthly basis of All items index was mainly due to the rise – on which seasonal factors, as Easter holidays, had an impact – of prices of Services related to recreation, including repair and personal care (+1.1%) and of Services related to transport (+1.0%); this increase was partially balanced by the monthly decline of prices of Regulated energy products (-2.4%).

The annual rate of change of prices of Goods was -0.5% (from -0.6% observed in March 2015) and the annual rate of prices of Services was +0.3% (down from +0.5% in the previous month). As consequence, the inflationary gap between Services and Goods decreased by 0.3 percentage points with respect to March 2015.

Prices of Grocery and unprocessed food held steady on monthly basis and rose by 0.8% on annual basis (the same rate registered in the previous month).

In April 2015, the Italian harmonized index of consumer prices (HICP) rose by 0.4% compared with the previous month and declined by 0.1% with respect to April 2014 (the flash estimate was 0.0%), down from 0.0% in March 2015. The monthly increase was also due to the final end of the winter sales of Clothing and footwear (+3.4% with respect to March 2015), which are not taken into account in the national index NIC.

Core inflation measured by Italian HICP was 0.4%, down from 0.6% in March 2015; excluding energy, food, alcohol and tobacco, the inflation was 0.3% (0.1 lower than in March 2015). Excluding energy, the inflation was 0.6%, down from 0.7% in the previous month.

In April 2015, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) rose by 0.4% compared with March 2015 and declined by 0.3% with respect to April 2014. The difference between the HICP and HICP-CT growth rates was equal to 0.2 percentage points (0.1 higher than in March 2015). This difference incorporates the effects of changes in indirect taxes, which occurred in the last twelve months and, in particular, the impacts of the revision of the excise duties on tobacco products, introduced at the beginning of 2015. It should be noted that the difference between HICP and HICP-CT growth rate represents the upper limit of the impact of changes in indirect taxes occurred in the last twelve months on HICP, assuming their full and instantaneous pass-through on prices paid by consumers.

Date of next release: 28 June 2015

Reference period: April 2015

Date of Issue: 13 May 2015

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