Consumer prices (provisional data)

In May 2018, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) increased by 0.4% on monthly basis and by 1.1% compared with May 2017 (+0.5% in April 2018).

In May, the growth on annual basis of All items index was mainly due to the acceleration of prices of Unprocessed food (from +0.7% in April to +2.7%), of Non-regulated energy products (from +2.7% to +5.3%) and of Services related to transport (with the trend reversal from -0.7% to +1.7%). Also prices of Tobacco (from +2.8% to 3.4%) and of Services related to recreation, including repair and personal care (from 1.0% to 1.4%), although to a less extent, contributed to this dynamics.

Inflation excluding energy and unprocessed food (core inflation) was +0.8% and inflation excluding energy was +0.9% (both accelerated from +0.5% in April).

The increase on monthly basis of All items index was mainly due to the rises of prices of Unprocessed food (+1.9%), Non-regulated energy products (+2.1%) and Services related to recreation, including repair and personal care (+0.7%).

The annual rate of change of prices of Goods was +1.1% (up from +0.7% in April) and that one of prices of Services was +0.9% (from +0.3% in the previous month). As a consequence, the inflationary gap between Services and Goods was negative and equal to -0.2 percentage points (-0.4 in April).

Prices of Grocery and unprocessed food increased by 0.8% on monthly basis and by 1.9% on annual basis (up from +1.2% in the previous month).

In May 2018, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 0.4% compared with April and by 1.1% with respect to May 2017 (it was +0.6% in the previous month).

In May core inflation (excluding energy and unprocessed food), measured by Italian HICP was +0.9% (up from +0.5% in the previous month). Inflation excluding energy, food, alcohol and tobacco (+0.7%) and excluding energy (+1.0%) accelerated (respectively from +0.2% and +0.6% in the previous month).