Consumer prices (provisional data)

In November 2016, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) decreased by 0.1 on a monthly basis and increased by 0.1% with respect to November 2015, from -0.2% in October 2016.

The reversal trend of the All items index was mainly due to the dynamics of prices of Services, among which it is worth to note the recovery of prices of Services related to recreation, including repair and personal care (+0.8%; the rate of change was zero in the previous month) and the speed up of the yearly rates of change registered by Services related to transport (+1.0%, from +0.6% in the previous month). Among Goods, positive contributes to inflation come from the reversals trend of prices of Non-regulated energy products (+0.3%, from -0.9% in the previous month) and of Unprocessed food (+0.2%, from -0.4% in October 2016), offset by the slowdown of prices of Durable goods (+0.2% from +0.6%).

The annual rate of change of prices of Goods was -0.4% (the same rate of change registered in October 2016) and the annual rate of change of prices of Services was +0.6% (up from +0.1% in the previous month). Therefore, the inflationary gap between Services and Goods doubled, increasing by 0.5 percentage points with respect to October 2016.

Excluding energy and unprocessed food, core inflation was +0.4%, up from +0.2% in October 2016; likewise, excluding energy the inflation speed up (+0.4%, from +0.2% in the previous month).

The decrease on monthly basis of All items index was mainly due to the decline of prices of Services related to recreation, including repair and personal care and of Services related to transport (both -0.8%), partially offset by the monthly increase of prices of Unprocessed food  (+1.3%) and of Non-regulated energy products (+0.6%).

Prices of Grocery and unprocessed food increased by 0.4% on monthly basis and decreased by 0.1% on annual basis (-0.2% in the previous month).

In October 2016, according to preliminary estimates, the rate of change of the Italian harmonized index of consumer prices (HICP) decreased by 0.2% with respect to the previous month  and increased by 0.1% with respect to November 2015 (the annual rate of change observed in October was -0.1%).

Both core inflation measured by Italian HICP and inflation excluding Energy were 0.5% (both from +0.2% in October 2016); the inflation excluding Energy, food, alcohol and tobacco was 0.4% (up from +0.2% in October 2016).