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Press release

Consumer prices (provisional data)

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According to preliminary estimates, in January 2019 the Italian consumer price index for the whole nation (NIC) increased by 0.1% on monthly basis and by 0.9% with respect to January 2018, down from +1.1% in the previous month.

The slowdown of the growth on annual basis of All items index was mainly due to prices of both Regulated (from +10.7% to 6.9%) and Non-regulated energy products (from +2.6% to +0.3%), partly mitigated by the acceleration of prices of Services related to transport (from +0.6% to +2.3%) and, to a lesser extent, of Unprocessed food (from +1.3% to +1.8%).

As a consequence, Core inflation excluding energy and unprocessed food was +0.5% (in deceleration from +0.6%) and inflation excluding energy was +0.6% (stable compared to the previous month).

The increase on monthly basis of All items index was especially due to prices of Unprocessed food (+1.3%), only partially offset by the decrease of Non-regulated energy products (-1.2%) and of Services related to transport (-1.4%), the latter mainly due to seasonal factors.

The annual rate of change of prices of Goods was +0.6% (down from +1.2% in December) and that one of prices of Services was +1.1% (stable compared to the previous month). As a consequence, the inflationary gap between Services and Goods was positive (the first time after six months) and equal to +0.5 percentage points (-0.1 percentage points in December 2018).

Prices of Grocery and unprocessed food increased by 0.8% on monthly basis and by 0.5% on annual basis (from +0.7% in the previous month).

In January 2019, according to preliminary estimates, the Italian harmonized index of consumer prices (HICP) decreased by 1.7% compared with the previous month, mainly due to the winter sales of Clothing and footwear (-21.2% compared with December 2018), which are not taken into account in the national index NIC. The HICP increased by +0.9% with respect to January 2018 (it was +1.2% in December 2018).

Reference period: January 2019

Date of Issue: 04 February 2019

Next release: 21 february 2019

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