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Press release

Consumer prices

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In November 2018 the Italian consumer price index for the whole nation (NIC) decreased by 0.2% on monthly basis and increased by 1.6% with respect to November 2017 (the same as in the previous month). The flash estimate was +1.7%.

The stability of inflation in November was the result of opposite movements. The slight accelerations of prices of different types of products (thereof Food including alcohol from +1.0% in October to +1.1%, Services related to recreation, including repair and personal care from +1.0% to +1.1% and Services related to transport from +1.8% to +2.0%) were offset by the slowdown of prices of Non-regulated energy products (from +9.5% to +7.8%) that, with prices of Regulated energy products (stable at +10.7%), explain about half of the general inflation rate and by the wider decrease of prices of Durable goods.

Inflation excluding energy and unprocessed food (core inflation) was +0.7% (as in the previous month) and inflation excluding energy was +0.7% (down from +0.8% in October).

The decrease on monthly basis of All items index was especially due to prices of Services related to recreation, including repair and personal care (-1.3%) and of Services related to transport (-0.9%), only partially offset by the increase of Unprocessed food (+1.1%).

The annual rate of change of prices of Goods was +1.7% (down from +1.8% in October) and that one of prices of Services was +1.4% (up from +1.3%). As a consequence, the inflationary gap between Services and Goods was still negative and equal to -0.3 percentage points (from -0.5 in the previous month).

Prices of Grocery and unprocessed food increased by 0.5% on monthly basis and by 0.9% on annual basis (from +0.7% in the previous month).

In November 2018, the rate of change of Italian harmonized index of consumer prices (HICP) decreased by 0.3% with respect to the previous month and increased by 1.6% with respect to November 2017 (the annual rate of change observed in October was +1.7%). The flash estimate was +1.7%.

Note.  The attached full text was replaced at 15.30 on the day of publication as the levels of the indices in tables 2, 3, 4 and 5 have been changed.

Reference period: November 2018

Date of Issue: 14 December 2018

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