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Press release

Consumer prices (provisional data)

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In July 2018, according to preliminary estimates, the Italian consumer price index for the whole nation (NIC) increased by 0.3% on monthly basis and by 1.5% compared with July 2017 (+1.3% in June 2018).

The acceleration of the growth on annual basis of All items index was mainly due to prices of Regulated energy products (from -1.2% to +5.3%). The slowdown of prices of Services related to transport (from +2.9% of the previous month to +1.7%) mitigated this acceleration.

Inflation excluding energy and unprocessed food (core inflation) was +0.7% and inflation excluding energy was +0.9% (both in deceleration respectively from +0.8% and +1.0%).

The increase on monthly basis of All items index was mainly due to the rises of prices of Regulated energy products (+5.9%) and, to a lesser extent, of Services related to recreation, including repair and personal care (+0.9%) only partially offset by the decrease of prices of Unprocessed food (-1.8%).

The annual rate of change of prices of Goods was +2.1% (up from +1.5% in June) and that one of prices of Services was +0.9% (from +1.0% in the previous month). Therefore the inflationary gap between Services and Goods was still negative and equal to -1.2 percentage points (-0.5 in June).

Prices of Grocery and unprocessed food decreased by 0.5% on monthly basis and increased by 2.3% on annual basis (up from +2.2% in the previous month).

In July 2018, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) decreased by 1.4% compared with the previous month and increased by 1.9% with respect to July 2017 (from +1.4% in June). The decrease on monthly basis was mainly due to the beginning of the summer sales of Clothing and footwear (-19.1% compared with June 2018), which are not taken into account in the national index NIC.

The wider acceleration of HICP compared to that of NIC, was due to Clothing and footwear prices which grew by 3.5% on annual basis (from + 0.1% in June). The main reason of this dynamics was the postponed start of the summer sales (July 7 in 2018 in almost all regions, July 1 in 2017), so that the decrease on monthly basis of prices of Clothing and footwear this year was less wide (-19.1%) than in July of last year       (-21.7%), determining the acceleration that affected the general index.

Reference period: July 2018

Date of Issue: 31 July 2018

Next release: 13 August 2018

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