Consumer prices

In May 2018, the Italian consumer price index for the whole nation (NIC) increased by 0.3% on monthly basis and by 1.0% compared with May 2017 (+0.5% in April 2018). The flash estimate was +1.1%.

In May, the acceleration of the growth on annual basis of All items index was mainly due to prices of Unprocessed food (from +0.7% in April to +2.4%), of Non-regulated energy products (from +2.7% to +5.3%) and of Services related to transport (with the trend reversal from -0.7% to +1.7%). Also prices of Tobacco (from +2.8% to 3.4%) and of Services related to recreation, including repair and personal care (from 1.0% to 1.3%), although to a less extent, contributed to this dynamics.

Both inflation excluding energy and unprocessed food (core inflation) and inflation excluding energy accelerated from +0.5% in April to +0.8%.

The increase on monthly basis of All items index was mainly due to the rises of prices of Unprocessed food (+1.9%), of Non-regulated energy products (+2.1%), of Services related to recreation, including repair and personal care and of Tobacco (for both +0.6%).

The annual rate of change of prices of Goods was +1.0% (up from +0.7% in April) and that one of prices of Services was +0.9% (from +0.3% in the previous month). As a consequence, the inflationary gap between Services and Goods was negative and equal to -0.1 percentage points (-0.4 percentage points in April).

Prices of Grocery and unprocessed food increased by 0.6% on monthly basis and by 1.7% on annual basis (up from +1.2% in the previous month).