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Press release

Consumer prices

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In October 2020 the rate of change of Italian consumer price index for the whole nation (NIC) was +0.2% on monthly basis and -0.3% on annual basis (from -0.6% in September), confirming the flash estimate.

The halving of the decrease of consumer price indices was mainly due to the speed-up of the growth of the the prices of Unprocessed food (from +2.7% to +3.5%) and to the reduction of the drop of those of Regulated energy products (from -13.6% to -7.2%). On the contrary the decrease of the prices of Non-regulated energy products was wider than in September (from -8.2% to -9.4%). Anyway prices of Energy products (-8.7%) were still in October the main reason on the sixth consecutive month of negative inflation.

Core inflation (excluding energy and unprocessed food) was +0.2% (up from +0.1% in the previous month) and inflation excluding energy was +0.5% (up from +0.2%).

The increase on monthly basis was mainly due to the of prices of Regulated energy products (+10.5%) and, to a lesser extent, of prices of Unprocessed food (+0.9%), only partially offset by the decrease of those of Services related to transport (-1.1%).

Prices of Grocery and unprocessed food increased by +0.2% on monthly basis and by +1.2% on annual basis (up from +1.0% in the previous month).

In October the rate of change of the Italian harmonized index of consumer prices (HICP) was +0.6% with respect to the previous month and -0.6% on annual basis (from -1.0%), confirming the flash estimate.

The different dynamics between HICP and NIC was due to the end of the summer sales, thereof NIC does not take into account and that partially went on in September: the prices of Clothing and footwear increased by 4.9% on monthly basis but still decreased by 0.2% on annual basis (from -2.3%). Moreover the rate of change of the prices of Health was -0.7% (from -0.8%) for HICP, while they grew for the NIC (+0.7% as in September), for the abolition of the super ticket in September which the NIC does not take into account.

On pages 12-14 the methodological note describes the choices adopted in October and in the previous months to deal with the ongoing issues deriving from Covid-19 crisis.

Reference period: October 2020

Date of Issue: 16 November 2020

Next release: 30 November 2020

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