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Press release

Consumer prices

In November 2016 the Italian consumer price index for the whole nation (NIC) decreased by 0.1 on monthly basis and increased by 0.1% with respect to November 2015, from -0.2% in October 2016. The flash estimate was confirmed.

The reversal trend of the All items index was mainly due to the dynamics of prices of Services, among which it is worth to note the recovery of prices of Services related to recreation, including repair and personal care (+0.7%; the rate of change was zero in the previous month) and the speed up of the yearly rates of change registered by Services related to transport (+0.9%, from +0.6% in the previous month). Among Goods, positive contributes to inflation come from the reversals trend of prices of Non-regulated energy products (+0.3%, from -0.9% in the previous month) and of Unprocessed food (+0.2%, from -0.4% in October 2016), offset by the slowdown of prices of Durable goods (+0.2% from +0.6%).

The annual rate of change of prices of Goods was -0.4% (the same rate of change registered in October 2016) and the annual rate of change of prices of Services was +0.5% (up from +0.1% in the previous month). Therefore, the inflationary gap between Services and Goods doubled, increasing by 0.4 percentage points with respect to October 2016.

Excluding energy and unprocessed food, core inflation was +0.4%, up from +0.2% in October 2016; likewise, excluding energy the inflation sped up (+0.4%, from +0.2% in the previous month).

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 and of Services related to transport (both -0.9%), partially offset by the monthly increase of prices of Unprocessed food  (+1.3%) and of Non-regulated energy products (+0.6%).

Prices of Grocery and unprocessed food increased by 0.4% on monthly basis and decreased by 0.1% on annual basis (from -0.2% in the previous month).

 

In November 2016 the rate of change of Italian harmonized index of consumer prices (HICP) decreased by 0.2% with respect to the previous month  and increased by 0.1% with respect to November 2015 (the annual rate of change observed in October was -0.1%). The flash estimate was confirmed.

Both core inflation measured by Italian HICP and inflation excluding Energy were +0.5% (both from +0.2% in October 2016); the inflation excluding Energy, food, alcohol and tobacco was +0.4% (up from +0.2% in October 2016).

In November 2016, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) decreased by 0.1% compared with the previous month and increased by 0.1% with respect to November 2015 (the same rate of change of HICP). Therefore, 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.

[1] It has to be noted that the difference between the rates of change of HICP and HICP-CT 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.

Reference period: November 2016

Date of Issue: 14 December 2016

Next release: 4 January 2017

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