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Press release

Consumer prices (provisional data)

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In April 2018, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) increased by 0.1% on monthly basis and by 0.5% compared with April 2017 (+0.8% in March 2018).

In April, the slowdown of the growth on annual basis of All items index was mainly due to the trend reversal of prices of Regulated energy products (from +5.0% in March to -1.1%) and Services related to transport (from +2.5% to -0.7%), strengthened by the prices of Services related to communication (-0.7%) which also reversed the trend from the previous month (+0.4%).

The slowdown would have been wider without the acceleration of prices of Food including alcohol (from +0.5% to +1.6%).

Inflation excluding energy and unprocessed food (core inflation) was +0.5% (down from +0.7% in March) as inflation excluding energy (+0.5% as in the previous month).

The increase on monthly basis of All items index was mainly due to the rises of prices of Processed food including alcohol (+1.1%), Non-regulated energy products (+1.1%) and Services related to recreation, including repair and personal care (+0.9%, which were affected by seasonal factors), almost completely offset by the decrease of prices of Regulated energy products (-5,4%).

The annual rate of change of prices of Goods was +0.9% (up from +0.7% in March) and that one of prices of Services was +0.2% (down from +0.9%). As a consequence, the inflationary gap between Services and Goods was negative and equal to -0.7 percentage points (+0.2 in in the previous month).

Prices of Grocery and unprocessed food increased by 0.7% on monthly basis and by 1.5% on annual basis (up from +0.4% in the previous month).

In April 2018, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 0.5% compared with March and by 0.6% with respect to April 2017 (it was +0.9% in March).

The increase on monthly basis was mainly due to the final end of the winter sales of Clothing and footwear (+3.4% compared with March 2018), which are not taken into account in the national index NIC.

In April core inflation, measured by Italian HICP was +0.5% (down from +0.8% in March). Also inflation excluding energy, food, alcohol and tobacco (+0.2%) and inflation excluding energy (+0.6%) decelerated (both of them down from +0.7% in the previous month).

Reference period: April 2018

Date of Issue: 30 April 2018

Next release: 16 May 2018

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