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Press release

Consumer prices (provisional data)

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In February 2017, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) increased by 0.3% on monthly basis and by 1.5% with respect to February 2016, up from +1.0% in January 2017.

The increase, in February, of the annual rate of change of All items index was mainly due to the speed-up of the annual growth of prices of Unprocessed food (+8.8%, from +5.3% in January), of Non-regulated energy products (+12.1%, from +9.0% in the previous month) and of Services related to transport (+2.4%, from +1.0% in January).

Therefore, excluding energy and unprocessed food, core inflation was +0.6%, up from +0.5% in the previous month; excluding energy the inflation was +1.3%, from +0.8% in January.

The annual rate of change of prices of Goods was +1.9% (up from +1.2% in January) and the annual rate of change of prices of Services was +0.9% (up from +0.7% in the previous month). As a consequence, the
negative inflationary gap between Services and Goods doubled with respect to January (-1.0 percentage points from -0.5 in January).

The increase on monthly basis of All items index was mainly due to the rise of prices of Unprocessed food (+3.0%), of Services related to transport (+1.0%) and of Non-regulated energy products (+0.5%).

Prices of Grocery and unprocessed food increased by 1.1% on monthly basis and by 3.1% on annual basis (from +1.9% in the previous month).

In February 2017, according to preliminary estimates, the rate of change of Italian harmonized index of consumer prices (HICP) increased by 0.2% with respect to the previous month  and by 1.6% with respect to February 2016 (the annual rate of change observed in January was +1.0%).

Both core inflation and inflation excluding Energy, food, alcohol and tobacco, measured by Italian HICP, slightly increased from +0.5% in January to +0.7% in February whereas inflation excluding Energy was +1.4% (0.5 percentage points higher
than in the previous month).

Reference period: February 2017

Date of Issue: 28 February 2017

Next release: 15 March 2017

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