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Press release

Consumer prices: provisional data

In December 2014, according to provisional estimates, the Italian consumer price index for the whole nation (NIC) held steady on both monthly and annual basis (the annual rate of change observed in November 2014 was +0.2%).

The dynamics on annual basis of the All items index was mainly due to the widening of the annual decrease of prices of Non-regulated energy products (-7.9%, from -3.1% in November 2014) which was determined by the further marked decline of prices of fuels.

Excluding unprocessed food and energy, core inflation was 0.6% (0.1 higher than in the previous month); excluding only energy, the inflation was 0.5%, down from 0.6% in November 2014.

The stability with respect to November 2014 of All items index was essentially synthesis of the monthly decline of prices of Non-regulated energy products (-3.5%) and the monthly increases of prices of Services related to transport (+2.6%), on which seasonal factors had an impact.

The annual rate of change of prices of Goods was -0.8% (twice the decline observed in the previous month) and the annual rate of change of prices of Services was +1.0% (up from +0.9% in November 2014). As a consequence, the inflationary gap between Services and Goods increased by 0.5 percentage points with respect to November 2014.

Prices of Grocery and unprocessed food rose by 0.1% on monthly basis and decreased by 0.2% on annual basis (down from +0.4% in November 2014).

According to preliminary estimates, the average annual inflation rate for 2014, measured by NIC, was 0.2%, with a marked slowdown from 1.2% registered for 2013.

In December 2014, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) held steady with respect to the previous month and declined by 0.1% with respect to December 2013 (from +0.3% in November 2014).

The average annual inflation rate for 2014, measured by Italian HICP, was equal to 0.2%, more than one percentage point less than in 2013 (+1.3%).

Reference period: December 2014

Date of Issue: 07 January 2015

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