Consumer prices (provisional data)

In February 2016, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) declined by 0.2% compared with the previous month and by 0.3 with respect to February 2015, down from +0.3 in January 2016.

The reversal trend of the general index is due to a monthly negative dynamics characterized by price declines spread to almost all types of products, which compares with that positive of February 2015 when all types of products registered a recovery of prices from the previous month.

Nevertheless, even if weakened, excluding energy and unprocessed food, core inflation was still positive and equal to +0.5%, down from +0.8 registered in January 2016 and excluding energy, the inflation was +0.3 (0.5 percentage points lower than that of the previous month).

The behaviour of inflation was mainly due to the extension of the decrease of prices of Non-regulated energy products (-8.4%, from -5.9% in January) and of the reversal trend of Unprocessed food (-1.2%, from +0.6% in the previous month) and of Services related to transport (-0.7%, from +0.5% in January 2016).

The decrease on monthly basis of All items index was due to the decline of prices of almost all the types of products but in particular to the decline of prices of Non-regulated energy products (-2.2%).

The annual rate of change of prices of Goods was -0.8 (from -0.1% observed in January 2016) and the annual rate of change of prices of Services slowed down (+0.5%, down from +0.7% in the previous month). As consequence, the inflationary gap between Services and Goods increased by 0.5 percentage points with respect to January 2016.

Prices of Grocery and unprocessed food decreased by 0.1% on monthly basis and by 0.4% on annual basis (down from +0.3% in the previous month).

In February 2016, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) decreased by 0.4 compared with the previous month and by 0.2% with respect to February 2015 (down from +0.4% registered in January 2016).

The large decrease on monthly basis was also due to the winter sales of Clothing and footwear (-3.6% compared with January 2016), which are not taken into account in the national index NIC.

Core inflation measured by Italian HICP was +0.4%, down from +0.9% in January 2016; excluding energy, food, alcohol and tobacco, the inflation was +0.5% (down from +0.9 in the previous month). Excluding energy, the inflation slowed down to 0.3% (0.6 percentage points lower than in January 2016).

Next release: 15 March 2016