Consumer prices (provisional data) - February 2024

According to preliminary estimates, in February 2024 the Italian consumer price index for the whole nation (NIC) increased by 0.1% on monthly basis and by 0.8% with respect to February 2023 (the same as in January 2024).

The increase of the growth on annual basis of All-item index was mainly due to the prices of Unprocessed food (from +7.5% to +4.5%), of Processed food including alcohol (from +4.5% to +3.8%), of Non energy industrial goods (from +1.7% to +1.3%), of Services related to transport (from +4.2% to +3.8%), of Services related to recreation, including repair and personal care (from +3.3% to +3.2%) and of Services related to housing (from +2.8% to +2.6%). On the contrary, the prices of Non-regulated energy products (from -20.4% to -17.2%), Regulated energy products (from -20.6% to -18.6%), of Tobacco (from +2.2% to +2.6%) and Services related to communication (from +0.2% to +0.7%) slowed down.

In February 2024, core inflation (excluding energy and unprocessed food) was +2.4% (from +2.7% in the previous month) and inflation excluding energy was +2.7% (from +3.0%).

As for Goods, the year on year growth rate was -0.7% (the same as in January) and for Services the annual rate of change was stable at +2.9%. As a consequence, the inflationary gap between Services and Goods remain +3.6 percentage points.

The prices of Grocery and unprocessed food decreased by 0.1% on monthly basis and increased by 3.7% on annual basis (down from +5.1% in the previous month).

The increase on monthly basis was mainly due to the prices of Tobacco (+2.3%), of Services related to communication, of Services related to recreation, including repair and personal care and Services related to transport (+0.4% all three); on the other hand the prices of Regulated energy products (-2.4%), of Non-regulated energy products and of Unprocessed food (-0.4% both) slowed down.

In February 2024 the rate of change of the Italian harmonized index of consumer prices (HICP) was +0.1% on monthly basis and +0.9% on annual basis (the same as in January).

Nota: On 1 March 2024 at 12:45, the press release has been replaced following the correction of a typo in the horizontal axis labels of Chart 1. Italian Consumer Price Index for the whole nation (NIC).

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