Consumer prices

In June 2017, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) decreased by 0.1% on monthly basis and increased by 1.2% compared with June 2016, down from +1.4% in May 2017.

In June, the lower growth of the annual rate of change of All items index was mainly due to the prices of Unprocessed food (+1.3%, from +3.8% in May) and Non-regulated energy products (+3.0%, from +6.8% in the previous month), partly offset by the increase of the prices of Services related to transport (+4.1% from +3.2% in May).

Therefore, excluding energy and unprocessed food, core inflation increased by +0.9% (0.2 percentage points higher than in May), while inflation excluding energy was +0.9% (0.1 percentage points lower than in the previous month).

The annual rate of change of prices of Goods was +0.9% (down from +1.6% in May) and that one of prices of Services was +1.5% (up from +1.4%). As a consequence,
the inflationary gap between Services and Goods was positive again (+0.6 percentage points).

The decrease on monthly basis of All items index was mainly due to the prices of Unprocessed food
(-2.0%), especially fresh fruit and fresh vegetables, and Non-regulated energy products (-1.5%), whose effects are partially balanced by the increase of the prices of Services related to transport (+1.1%).

Prices of Grocery and unprocessed food decreased by 0.7% on monthly basis and increased by 0.7% on annual basis (from +1.6% in the previous month).

In June 2017, according to preliminary estimates, the rate of change of Italian harmonized index of consumer prices (HICP) decreased by 0.2% compared with the previous month  and increased by 1.2% with respect to June 2016 (the annual rate of change observed in the previous month was +1.6%).

In June core inflation, measured by Italian HICP, was +0.9% (up from 0.8% in May) and inflation excluding energy, food, alcohol and tobacco was +1.0% (
from +0.9% in May), while inflation excluding Energy slowed: +0.9% from +1.1% in the previous month.