Consumer prices

In June 2015, the Italian consumer price index for the whole nation (NIC) rose by 0.2% on both monthly and annual basis (the flash estimate was 0.1%), up from 0.1% in May 2015.

Among the types of products which concur to the inflation, speed up or recovery of the annual dynamics were registered in particular for the prices of Services related to recreation, including repair and personal care (+1.1%, up from +0.9% in May 2015) and of Non energy industrial goods – durables (the annual rate was zero, from -0.4% registered in the previous month).

Excluding energy and unprocessed food, core inflation was stable at 0.6%; excluding energy, the inflation was 0.8% (as in May 2015).

The increase on monthly basis of All items index was mainly due to the rise – on which seasonal factors had an impact – of prices of Services related to recreation, including repair and personal care (+0.4%) and of Services related to transport (+0.2%).

The annual rates of change of prices of both Goods and Services were stable (respectively at -0.3% and +0.7%). As consequence, the inflationary gap between Services and Goods held steady with respect to May 2015.

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

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

Core inflation measured by Italian HICP was 0.8%, up from 0.7% in May 2015. Excluding energy, food, alcohol and tobacco, the inflation was stable at 0.7%; instead excluding just energy, the inflation was 0.9% (0.1 higher than in May 2015).

In June 2015, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) rose by 0.1% compared with May 2015 and by 0.2% with respect to June 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 (as in May 2015). 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: 31 July 2015