Consumer prices (provisional data)

In August 2016, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) increased by 0.2 on monthly basis and declined by 0.1% with respect to August 2015, the same rate of change observed in July 2016.

The continuation of the deflation phase is the synthesis of price dynamics of opposite sign, which offset. On the one hand, the annual decrease of prices of Non-regulated energy products reduces its amplitude (-7.0%, from -8.0% in the previous month) and the growth of prices of Unprocessed food accelerates (+ 2.4%, from + 1.5% in July). On the other hand the prices of Services related to communication reverse the trend (-1.4%, from +0.4% the previous month) and the growth of prices of Services related to transportation goes to zero (from + 0.7% in July).

Excluding energy and unprocessed food, core inflation was +0.4% (down from +0.6 registered in July); excluding energy, the inflation was +0.6% (the same rate of change observed in the previous month).

The increase on monthly basis of All items index was mainly due to the rise of prices of Services related to transport (+2.2%), of Unprocessed food (+0.9%) and of Services related to recreation, including repair and personal care (+0.4%).

The annual rate of change of prices of Goods was -0.5% (up from -0.6% in July) and the annual rate of change of prices of Services was +0.5% (down from +0.6% in the previous month). Therefore, the inflationary gap between Services and Goods decreased by 0.2 percentage points with respect to July.

Prices of Grocery and unprocessed food increased by 0.3% on monthly basis and by 0.6 on annual basis (0.2 percentage points higher than that of the previous month).

In August 2016, according to preliminary estimates, the rate of change of Italian harmonized index of consumer prices (HICP) was zero on both monthly and annual basis (the annual rate of change observed in July was -0.2%).

Core inflation measured by Italian HICP was 0.5% (down from +0.6% in July 2016); also excluding Energy, food, alcohol and tobacco the inflation was +0.5% (the same rate observed in the previous month). Excluding Energy, the inflation was +0.7% (up from +0.6% in July 2016).