Consumer prices (provisional data)

In June 2016, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) increased by 0.1 on monthly basis and declined by 0.4% with respect to June 2015, down from -0.3% in May 2016.

The larger decline on annual basis of the All items index was mainly due to the slowdown of the annual growth of prices of Non energy industrial goods (+0.4%, from +0.7% in May 2016), only partly offset by the reduction of the decline of prices of Non-regulated energy goods (-8.1%, from 10.0% in May 2016) and the speed up of prices of Tobacco (+2.9%, from +2.0% in the previous month).

Excluding energy and unprocessed food, core inflation was +0.5% (down from +0.6 registered in May 2016) and, excluding energy, the inflation was +0.4% (0.1 percentage points lower than that of the previous month).

The increase on monthly basis of All items index was mainly due to the rise of prices of Non-regulated energy products (+2.1%) and of Services related to recreation, including repair and personal care (+0.4%).

The annual rate of change of prices of Goods was -0.9% (up from -1.0% in May 2016) and the annual rate of change of prices of Services was +0.4% (the same rate observed in the previous month). As a consequence, the inflationary gap between Services and Goods decreased by 0.1 percentage points with respect to May 2016.

Prices of Grocery and unprocessed food increased by 0.1% both on monthly basis and on annual basis (the rate of change was zero in the previous month).

In June 2016, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) increased by 0.1 compared with the previous month and decreased by 0.3% with respect to June 2015 (the same rate observed in May 2016).

Core inflation measured by Italian HICP was +0.5% (down from +0.6% in May 2016); also both the inflation excluding Energy, food, alcohol and tobacco and the inflation excluding Energy was +0.5% (down from +0.6% in the previous month).