Consumer prices (provisional data)

In July 2017, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) increased by 0.1% on monthly basis and by 1.1% compared with July 2016, down from +1.2% in June 2017.

In July, the lower growth of All items index was mainly due to the slowdown of growth of prices of both Regulated energy products (+5.1%, from +6.2% in June) and Non-regulated energy products (+2.1%, from +2.9%) and of Services related to transport (+3.2%, from +4.1%). It was due to the decrease of prices of Services related to communication too (-1.3% from +0.1%).

Excluding energy and unprocessed food, core inflation increased by +0.8% (0.1 percentage points lower than in June), while inflation excluding energy was stable (+0.9% as in the previous month).

The increase on monthly basis of All items index was especially due to prices of Services related to transport (1.6%) and of Services related to recreation, including
repair and personal care (+0.9%), partially offset by the decrease of prices of Food including alcohol (-0.7%) and Energy (-1.0%).

The annual rate of change of prices of Goods was +0.8% (down from +0.9% in June) and that one of prices of Services was +1.3% (down from +1.5%). As a consequence, the inflationary gap between Services and Goods was positive again (+0.5 percentage points).

Prices of Grocery and unprocessed food decreased by 0.6% on monthly basis and increased by 0.8% on annual basis (from +0.7% in the previous month).

In July 2017, according to preliminary estimates, the rate of change of Italian harmonized index of consumer prices (HICP) decreased by 1.9% compared with the previous month  and it increased by 1.2% with respect to July 2016 (as in the previous month). The decrease on monthly basis was mainly due to the beginning of the summer sales of Clothing and footwear (-21.8% compared with June 2017), which are not taken into account in the national index NIC.

In
July core inflation, measured by Italian HICP, was +0.8% (down from 1.0% in June); both inflation excluding energy, food, alcohol and tobacco and inflation excluding Energy was +0.9% (down from +1.0%).