Consumer prices (provisional data) - May 2025

According to preliminary estimates, in May 2025 the Italian consumer price index for the whole nation (NIC) was null compared with the previous month and +1.7% on annual basis (from +1.9% in April).

The decrease of the growth on annual basis of All-item index was mainly due to the prices of Regulated energy products (from +31.7% to +29.1%), of Non-regulated energy products (from -3.4% to -4.3%), of Unprocessed food (from +4.2% to +3.7%), of Services related to recreation, including repair and personal care (from +3.6% to +3.0%) and of Services related to transport (from +4.4% to +2.6%). On the contrary, the prices of Processed food including alcohol (from +2.2% to +3.2%) and of Durable goods (from -1.4% to -0.8%) speed up.

In May 2025, core inflation (excluding energy and unprocessed food) was +2.0% (down from +2.1% in April) and inflation excluding energy was +2.1% (down from +2.2% in the previous month).

As for Goods, the year on year growth rate was +1.1% (from +1.0% in April) and for Services the annual rate of change was +2.6% (from +3.0% in April). As a consequence, the inflationary gap between Services and Goods decreased (from +2.0 percentage points in April to +1.5).

The prices of Grocery and unprocessed food increased by 0.8 on monthly basis and by 3.1% on annual basis (up from +2.6% in the previous month).

The zero increase on monthly basis is the result of opposing dynamics among its components: on one hand, there is a decrease in the prices of Non-regulated energy products (-2.1%) and of Services related to transport (-1.7%); on the othe hand, prices are risign compared to the previous month for Unprocessed food and Services related to recreation, including repair and personal care (+0.9% both), and Processed food including alcohol (+0.8%).

In May 2025, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 0.1% on monthly basis and by 1.9% on annual basis (from +2.0% in the previous month).