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Press release

Consumer prices

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In November 2015, the Italian consumer price index for the whole nation (NIC) declined by 0.4% compared with the previous month and rose by 0.1 with respect to November 2014, down from 0.3 in October 2015. The flash estimate was confirmed.

The slowdown of the inflation was mainly caused by the deceleration of the annual growth of prices of Services related to recreation, including repair and personal care (+0.6%, from +1.4% in the previous month), due in particular to Restaurants and hotels (+0.9%, from +2.1% in October); also prices of Unprocessed food (+3.2%, from +4.1% in October 2015) contributed to the slowdown; these dynamics were partially balanced by the reduction of the annual decrease of prices of Non-regulated energy products (-11.2%, from -12.7% in October 2015).

Excluding energy and unprocessed food, core inflation was +0.7%, down from +0.8 registered in the previous month; excluding energy, the inflation was +0.8 (0.2 percentage points lower than that of October 2015).

The decrease on monthly basis of All items index was mainly due to the decline of prices of Services related to recreation, including repair and personal care (-1.6%) and in particular to Restaurants and hotels (-2.2%) and to the decline of prices of Services related to transport (-1.2%), partially off-set by the monthly increase of prices of Unprocessed food (+0.7%).

The annual rate of change of prices of Goods was -0.2% (from -0.4% observed in October 2015) and the annual rate of change of prices of Services was +0.6% (down from +1.0% in the previous month). As consequence, the inflationary gap between Services and Goods decreased by 0.6 percentage points with respect to October 2015.

Prices of Grocery and unprocessed food increased by 0.3% on monthly basis and by 1.3% on annual basis (down from 1.5% in the previous month).

In November 2015 the Italian harmonized index of consumer prices (HICP) decreased by 0.4 compared with the previous month and rose by 0.2% with respect to November 2014 (down from +0.3% registered in October 2015). The flash estimate was 0.1.

Core inflation measured by Italian HICP was +0.7%, down from +1.0% in October 2015; also excluding energy, food, alcohol and tobacco, the inflation was +0.7% (down from +0.9 in the previous month). Excluding energy, the inflation decreased to 0.8% (0.5 percentage points lower than in October 2015).

In November 2015, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) declined by 0.4% compared with October 2015 and rose by 0.1% with respect to November 2014 (0.1 lower than HICP). Therefore, the difference between HICP and HICP-CT in terms of growth rate on annual basis – which incorporates the effects of changes in indirect taxes, occurred in the last twelve months – was positive and equal to 0.1 percentage points: it has be noted that this difference 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: 5 Jannuary 2016

Reference period: Novembre 2015

Date of Issue: 14 December 2015

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