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Press release

Consumer prices

In May 2015, the Italian consumer price index for the whole nation (NIC) rose by 0.1% compared with the previous month and by 0.1% with respect to May 2014 (the flash estimate was 0.2%), up from -0.1% in April 2015.

The recovery of inflation, after four months of deflation, was mainly due to the further reduction of the decline, with respect to the same month of the previous year, of prices of Non-regulated energy products   (-7.2%, from -8.7% in April 2015) and to the speed-up of the annual growth of prices of services; the latter one was mainly due to the reversal of trend of prices of Services related to transport (+0.8%, from -0.6% in the previous month).

Excluding energy and unprocessed food, core inflation rose to 0.6%, up from 0.3% registered in the previous month; excluding energy, the inflation was 0.8% (0.2 higher than in April 2015).

The increase on monthly basis of All items index was mainly due to the rise of prices of Non-regulated energy products (+1.8%) and to the rise of prices of Services related to recreation, including repair and personal care (+0.5%), with the latter one mainly caused by accommodation services.

The annual rate of change of prices of Goods was -0.3% (from -0.5% observed in April 2015) and the annual rate of prices of Services was +0.7% (up from +0.3% in the previous month). As consequence, the inflationary gap between Services and Goods increased by 0.2 percentage points with respect to April 2015.

Prices of Grocery and unprocessed food rose by 0.1% on monthly basis and by 0.8% on annual basis (the same annual rate registered in the previous month).

In May 2015, the Italian harmonized index of consumer prices (HICP) rose by 0.2% compared with both the previous month and May 2014 (the annual rate in April 2015 was -0.1%). The flash estimate was confirmed.

Core inflation measured by Italian HICP was 0.7%, up from 0.4% in April 2015; also excluding energy, food, alcohol and tobacco, the inflation was 0.7% (0.4 higher than in April 2015). Excluding energy, the inflation rose to 0.8%, up from 0.6% registered in the previous month.

In May 2015, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) rose by 0.3% compared with April 2015 and by 0.2% with respect to May 2014 (as the HICP). Therefore the difference between HICP and HICP-CT growth rate – which incorporates the effects of changes in indirect taxes, occurred in the last twelve months – was zero after three months of positive values. It should be noted that the difference between HICP and HICP-CT growth rate represents the upper limit of the impact of changes in indirect taxes occurred in the last twelve months on HICP, assuming their full and instantaneous pass-through on prices paid by consumers.

Date of next release: 30 June 2015

Reference period: May 2015

Date of Issue: 15 June 2015

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