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Press release

Consumer prices

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In September 2017, the Italian consumer price index for the whole nation (NIC) decreased by 0.3% on monthly basis and increased by 1.1% compared with September 2016 (it was +1.2% in August 2017). The flash estimate was confirmed.

In September, the slightly lower growth of All items index was mainly due to the slowdown of growth of prices of both Services related to transport (+2.7%, from +4.4% in August) and Regulated energy products (+2.9%, from +5.0% in the previous month), partially offset by the acceleration of prices of Unprocessed food (+2.1%, from +0.7% in August).

Excluding energy and unprocessed food, core inflation was +0.7% (0.3 percentage points lower than in August) and inflation excluding energy was +0.8% (+0.9% in the previous month).

The decrease on monthly basis of All items index was especially due to prices of Services related to transport (-4.6%) and also to Services related to recreation, including repair and
personal care (-0.9%). Both of them were affected by seasonal factors.

The annual rate of change of prices of Goods was +1.0% (as in August) and that one of prices of Services was +1.3% (down from +1.6%). Therefore, the inflationary gap between Services and Goods was still positive and equal to +0.3 percentage points.

Prices of Grocery and unprocessed food increased by 0.4% on monthly basis and by 1.1% on annual basis (up from +0.6% in the previous month).

In September 2017, the rate of change of Italian harmonized index of consumer prices (HICP) was +1.8% compared with the previous month and +1.3% with respect to September 2016 (it was +1.4% in August). The flash estimate was confirmed. The increase on monthly basis was mainly due to the end of the summer sales of Clothing and footwear (+33.0% compared with August 2017), which are not taken into account in the national index NIC.

In September core inflation, measured by Italian HICP, was +1.0% (down from 1.1% in August). In
addition, inflation excluding energy, food, alcohol and tobacco decelerated (+1.1% down from +1.2% in August) while inflation excluding Energy was stable (+1.1%, as in the previous month).

In September 2017, the Italian harmonized index of consumer prices at constant tax rates (HICP-CT) increased by 1.8% compared with the previous month and by 1.3% with respect to September 2016 (as 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 null.

Reference period: September 2017

Date of Issue: 13 October 2017

Next release: 31 October 2017

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