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Press release

Consumer prices

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In February 2016, the Italian consumer price index for the whole nation (NIC) declined by 0.2% compared with the previous month and by 0.3 with respect to February 2015, down from +0.3 in January 2016

The reversal trend of the general index is due to a monthly negative dynamics which is characterized by price declines spread to almost all types of products and which compares with that positive of February 2015 when all types of products registered a recovery of prices from the previous month.

Nevertheless, even if weakened, excluding energy and unprocessed food, core inflation was still positive and equal to +0.5% (down from +0.8 registered in January 2016) and excluding energy, the inflation was +0.3 (0.5 percentage points lower than that of the previous month).

The behaviour of inflation was mainly due to the extension of the decrease of prices of Non-regulated energy products (-8.5%, from -5.9% in January) and of the reversal trend of Unprocessed food (-1.2%, from +0.6% in the previous month) and of Services related to transport (-0.7%, from +0.5% in January 2016).

In February 2016, the Italian harmonized index of consumer prices (HICP) decreased by 0.4 compared with the previous month and by 0.2% with respect to February 2015 (down from +0.4% registered in January 2016). The flash estimate was confirmed.

The large decrease on monthly basis was also due to the winter sales of Clothing and footwear (-3.5% compared with January 2016), which are not taken into account in the national index NIC.

Core inflation measured by Italian HICP was +0.5%, down from +0.9% in January 2016; also excluding energy, food, alcohol and tobacco, the inflation was +0.5% (down from +0.9 in the previous month). Excluding energy, the inflation slowed down to 0.3% (0.6 percentage points lower than in January 2016).

In February 2016, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) declined by 0.4% compared with January 2016 and by 0.2% with respect to February 2015 (the same rate of change of HICP). Therefore, as in the previous two months, the difference between HICP and HICP-CT growth rates – which incorporates the effects of changes in indirect taxes occurred in the last twelve months – was zero: 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.

Note. On 15 March 2016,  at 13:30, the Full text in download was replaced because in Table 3 the level of the All items index and in Table 4 the column headers were changed.

Date of next release: 31 March 2016

Reference period: February 2016

Date of Issue: 15 March 2016

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