Consumer prices

In March 2019 the Italian consumer price index for the whole nation (NIC) increased by 0.3% on monthly basis and by 1.0% with respect to March 2018 (the same as in the previous month), confirming the flash estimate.

The stability of inflation was the result of opposite movements. The acceleration of prices of Non-regulated energy products (from +0.8% to +3.3%) were offset by the slowdown of prices of Unprocessed food (from +3.7% to +1.9%), of Services related to transport (from +0.9% to +0.5%) and of Tobacco (from +4.5% to +4.0%).

The core inflation excluding energy and unprocessed food was +0.4% (stable compared to the previous month) and inflation excluding energy was +0.6% (down from +0.7% in February 2019).

The increase on monthly basis of All items index was especially due to prices of Non-regulated energy products (+1.6%), of Tobacco and of Services related to transport (+1.3% for both), only partially offset by the decrease of those of Unprocessed food (-1.6%).

The annual rate of change of prices of Goods was +1.3% and that one of prices of Services was +0.7% (both of them stable compared to the previous month). As a consequence, the inflationary gap between Services and Goods was negative and equal to -0.6 percentage points (the same of February).

Prices of Grocery and unprocessed food decreased by 0.4% on monthly basis and increased by 1.1% on annual basis (down from +1.6% in the previous month).

In March 2019, the Italian harmonized index of consumer prices (HICP) increased by 2.3% on monthly basis, mainly for the conclusion of winter sales of Clothing and footwear, which are not taken into account in the national index NIC. The HICP increased by +1.1% (the same as in the previous month), confirming the flash estimate.