Consumer prices

In April 2019 the Italian consumer price index for the whole nation (NIC) increased by 0.2% on monthly basis and by 1.1% with respect to April 2018 (up from +1,0% in the previous month), confirming the flash estimate.

The slight acceleration of the growth on annual basis of All items index was mainly due to prices of Services related to transport (from +0.5% to +2.8%), and, to a lesser extent, of Services related to recreation, including repair and personal care (from +0.9% to +1.6%) and of Non-regulated energy products (from +3.3% to +3.7%). These accelerations prevailed on the slowdown of prices above all of Regulated energy products (from +7.8% to +4.3%) and of both the components of Food including alcohol (Unprocessed food from +1.9% to +1.0%, Processed food including alcohol from 0.7% to -0.1%).

The core inflation excluding energy and unprocessed food was +0.6% (up from +0.4% in March 2019) and inflation excluding energy was +0.7% (up from +0.6% in the previous month).

The increase on monthly basis of All items index was especially due to prices of Services related to transport (+2.5%), of Services related to recreation, including repair and personal care (+1.7%) and of Non-regulated energy products (+1.4%), only partially offset by the decrease of those of Regulated energy products (-8.5%), of Unprocessed food (-0.9%) and of Services related to communication (-2.2%).

The annual rate of change of prices of Goods was +0.9% (down from +1.3% in March) and that one of prices of Services was +1.3% (up from +0.7% in the previous month). As a consequence, the inflationary gap between Services and Goods was positive and equal to +0.4 percentage points (-0.6 in March).

Prices of Grocery and unprocessed food decreased by 0.4% on monthly basis and increased by 0.3% on annual basis (down from +1.1% in the previous month).

The Italian harmonized index of consumer prices (HICP) increased by 0.5% on monthly basis and by 1.1% with respect to April 2018 (the same as in the previous month). The flash estimate was 1.2%.