Consumer prices

In June 2019 the rate of change of Italian consumer price index for the whole nation (NIC) increased by 0.1% on the previous month and by 0.7% with respect to June 2018, down from +0.8% in the previous month. The flash estimate was +0.8%.

The slowdown of the growth on annual basis of All items index was mainly due to the trend reversal of prices of Non-regulated energy products (from +2.4% to -0.6%) and, to a lesser extent, to the wider decrease of prices of Durable goods (from -1.2% to -1.9%). These dynamics were partially offset by the growth of prices of Services related to recreation, including repair and personal care (from +1.0% to +1.3%) and by the lower decrease of those of Services related to communication (from -7.2% to -5.9%).

The core inflation excluding energy and unprocessed food was +0.4% and inflation excluding energy was +0.5%, both the same as in the previous month.

The increase on monthly basis of All items index was especially due to prices of Services related to transport (+2.1%), affected by seasonal factors, only partially offset by the decrease of those of Unprocessed food (-1.1%), Durable goods (-0.8%) and of Non-regulated energy products (-0.7%).

The annual rate of change of prices of Goods was +0.5% (down from +0.8% in the previous month) and that one of prices of Services was +1.0% (up from +0.8% in May 2019). As a consequence, the inflationary gap between Services and Goods was +0.5 percentage points (zero in May).