Consumer prices

In August 2019 Italian consumer price index for the whole nation (NIC) increased by 0.4% on monthly basis and by 0.4% with respect to August 2018 (the same as in July 2019). The flash estimate was +0.5%.

The stability of All items index was the result of a situation with very small differences with respect to July; it is just worth to report the slight speed-up of prices of Non-durable goods (from +0.2% to +0.6%).

The core inflation excluding energy and unprocessed food was +0.5% and inflation excluding energy was +0.6% (the same as in the previous month for both).

The increase on monthly basis of All items index was mainly due to prices of Services related to transport (+4.5%), whose dynamics was affected by seasonal factors.

The annual rate of change of prices of Goods was zero (up from -0.1% in the previous month) and that one of prices of Services was +0.8% (down from +1.0% in July 2019). As a consequence, the inflationary gap between Services and Goods was still positive (+0.8 percentage points; +1.1 in the previous month).

Prices of Grocery and unprocessed food increased by +0.1% on monthly basis and by +0.7% on annual basis (up from +0.6% in the previous month).

In August the Italian harmonized index of consumer prices (HICP) was null compared with the previous month and equal to +0.5% with respect to August 2018 (up from +0.3% in July), confirming the flash estimate.