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Press release

Consumer prices

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In September 2020 the rate of change of Italian consumer price index for the whole nation (NIC) was -0.7% on monthly basis and -0.6% on annual basis (from -0.5% in August); the flash estimate was -0.5%.

The negative inflation for the fifth consecutive month is mainly due to the prices of both Regulated energy products (from -13.7% in August to -13.6%) and Non-regulated ones (from -8.6% to -8.2%) and, to a lesser extent, to prices of Services related to transport (from -2.3% to -1.6%). The slight widening of negative inflation was due to the slowdown of prices of Processed food including alcohol (from + 0.4% in August to + 0.1%) and the trend reversal of those of Services related to recreation, including repair and personal care (from + 0.1% to -0.4%) and of Durable goods (from + 0.3% to -0.1%).

Core inflation (excluding energy and unprocessed food) was +0.1% (down from +0.3% in the previous month) and inflation excluding energy was +0.2% (down from +0.4% in the previous month).

The decrease on monthly basis was mainly due to prices of Services related to transport (-5.5%), largely affected by seasonal factors.

Prices of Grocery and unprocessed food decreased by -0.4% on monthly basis and increased by +1.0% on annual basis (up from +0.9% in the previous month).

In September 2020 the rate of change of the Italian harmonized index of consumer prices (HICP) was +0.9% on monthly basis and -1.0% on annual basis (from -0.5% in August); the flash estimate was -0.9%.

The different dynamics between HICP and NIC was due to the summer sales (not considered by NIC). On monthly basis, prices of Clothing and footwear increased by 25.3%, for the end of the season of sales, causing the growth of the HICP all items. But this increase was less wide than that of September 2019 (+32.6%) for some extensions of the summer sales, so affecting the annual dynamics of prices of Clothing and footwear (from +3.4% in August to -2.3%) and the larger decrease, compared to NIC, of HICP all items.

In September the estimates were carried out in the context of a further reduction of the seriousness of the Covid-19 crisis and the reopening of most of retail trade activities (details on pages 12-14).

Reference period: September 2020

Date of Issue: 16 October 2020

Next release: 30 October 2020

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