Consumer prices (provisional data) - November 2025

According to preliminary estimates, in November 2025 the Italian consumer price index for the whole nation (NIC) was -0.2% compared with the previous month and +1.2% on annual basis (as same as in the previous month).

The stabilization of the growth on annual basis of All-item index underlies contrasting trends: the prices of Services related to transport (from +2.0% to +0.8%), of Unprocessed food (from +1.9% to +1.4%), of Services related to recreation, including repair and personal care (from +3.3% to +2.9%), of Non-durable goods (from +1.3% to +1.0%), of Regulated energy products (from -0.5% to -3.3%) and of Services related to communication (from -0.3% to -0.8%) slowed down; on the contrary, the prices of Processed food including alcohol (from +2.5% to +2.7%), of Durable goods (from -0.8% to -0.1%) and of Non-regulated energy products (from -4.9% to -4.4%) have increased.

In November 2025, core inflation (excluding energy and unprocessed food) and inflation excluding energy are both +1.8% (both down from +1.9% in October).

As for Goods, the year on year growth rate was +0.3% (from +0.2% in October) and for Services the annual rate of change was at +2.2% (from +2.6%). As a consequence, the inflationary gap between Services and Goods decreased (from +2.4 percentage points in October to +1.9).

The prices of Grocery and unprocessed food increased by 0.4 on monthly basis and by 1.9% on annual basis (down from +2.1% in the previous month).

The decrease on monthly basis was mainly due to the prices Services related to recreation, including repair and personal care (-1.7%) and of Services related to transport (-1.4%); on the other hand the prices of Unprocessed food (+0.7%), of Non-regulated energy products (+0.6%) and of Processed food including alcohol (+0.4%) increased.

In November 2025, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) decreased by 0.2% on monthly basis and increased by 1.1% on annual basis (from +1.3%).