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Press release

Consumer prices: provisional data

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In October 2014, according to provisional estimates, the Italian consumer price index for the whole nation (NIC) rose by 0.1% on both monthly and annual basis (the annual rate of change observed in September was -0.2%).

The rise of inflation was mainly due to the reduction of the decline, with respect to same month of the previous year, of prices of Regulated energy products (-2.6%, from -6.6% in September 2014) ‒ driven by the price of Gas (-5.9%, from -11.1% in September 2014) ‒ and of Services related to communication (-1.0%, from -5.6% in the previous month).

Excluding unprocessed food and energy, core inflation was 0.5% (up from +0.4% in September 2014); excluding energy, the inflation was 0.4% (0.1 higher than in September 2014).

The rise on monthly basis of All items index was mainly due to the increase of prices of Gas (+4.7%) and of Electricity (+1.6%). This rise was partially balanced by the monthly decline of prices of Non-regulated energy products (-0.9%) and of Services related to transport (-0.7%), on which seasonal factors had an impact, too.

The annual rate of change of prices of Goods was -0.3% (from -0.6% observed in September 2014) and the annual rate of change of prices of Services was 0.7%, up from 0.6% registered in the previous month. As a consequence, the inflationary gap between Services and Goods decreased by 0.2 percentage points with respect to September 2014.

Prices of Grocery and unprocessed food held steady on monthly basis and rose by 0.1% on annual basis (in September 2014, the annual rate of change was equal to zero).

In October 2014, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) rose by 0.3% compared with the previous month and by 0.2% with respect to October 2013 (from -0.1% registered in September 2014). The increase on monthly basis was also due to the final end of summer sales of Clothing and footwear (+2.4% compared with September 2014) which are not taken into account in the national index NIC.

Core inflation measured by Italian HICP was 0.6%, up from 0.4% in September 2014. Speed-ups of two-tenths percentage points were also registered for the inflation calculated excluding energy, food, alcohol and tobacco (which was 0.7%, up from 0.5% in September 2014) and for the inflation calculated excluding energy (equal to 0.5%, up from 0.3% in the previous month).

Reference period: October 2014

Date of Issue: 31 October 2014

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