Consumer prices - September 2025

In September 2025 the rate of change of the Italian consumer price index for the whole nation (NIC) was       -0.2% compared with the previous month and +1.6% on annual basis (as same as in the previous month), confirming the flash estimate.

The stabilization of the growth on annual basis of All-item index underlies contrasting trends: the prices of Services related to transport (from +3.5% to +2.4%) and of Unprocessed food (from +5.6% to +4.8%) slowed down; on the contrary, the prices of Regulated energy products (from +12.9% to +13.9%) and of Non-regulated energy products (from -6.3% to -5.2%) have increased.

In September 2025, core inflation (excluding energy and unprocessed food) was +2.0% (down from +2.1% in the previous month) and inflation excluding energy was +2.1% (from +2.3% in August).

As for Goods, the year on year growth rate was +0.6% (as same in the previous month) and for Services the annual rate of change was +2.6% (from +2.7%). As a consequence, the inflationary gap between Services and Goods decreased (from +2.1 percentage points in August to +2.0).

The prices of Grocery and unprocessed food decreased by 0.2 on monthly basis and increased by 3.1% on annual basis (down from +3.4% in the previous month).

The decrease on monthly basis was mainly due to the prices of Services related to transport (-3.3%) and of Processed food including alcohol (-0.5%); on the other hand the prices of Unprocessed food (+0.6%) increased.

In September 2025 the Italian harmonised index of consumer prices (HICP) increased by 1.3% on monthly basis, also due to the end of the summer sales of Clothing and footwear (not considered by NIC), and by 1.8% on annual basis (from +1.6% in the previous month), confirming the flash estimate.

In the third quarter of 2025, inflation measured by HICP had a less impact on the sub-population with the lowest level of equivalent expenditure (+1.7%) than on households with highest amount (+1.8%).