Consumer prices (final data)

In September 2019 Italian consumer price index for the whole nation (NIC) decreased by 0.6% on monthly basis and increased by 0.3% with respect to September 2018 (down from +0.4% in August 2019). The flash estimate was +0.4%.

The slowdown of the growth on annual basis of All items index was mainly due to the widening of the decrease of prices of Non-regulated energy products (from -1.0% to -2.6%) and to the deceleration of those of Unprocessed food (from +1.5% to +1.1%) and of Services related to transport (from +1.7% to +0.4%). These dynamics were partially offset by the speed-up of prices of Services related to recreation, including repair and personal care (from +1.0% to +1.4 %) and by the lower decrease of Durable goods (from -1.2% to -0.8%).

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

The decrease on monthly basis of All items index was essentially due to prices of Services related to transport (-6.1%), mainly influenced by seasonal factors.

The annual rate of change of prices of Goods was -0.2% (down from +0.4% in August 2019) and that one of prices of Services was +0.9% (up from +0.8% in the previous month). As a consequence, the inflationary gap between Services and Goods was +1.1 percentage points (was +0.8).

Prices of Grocery and unprocessed food decreased by 0.5% on monthly basis and increased by 0.4% on annual basis (down from +0.7% in the previous month).

In September the Italian harmonized index of consumer prices (HICP) increased by 1.4% compared with the previous month and by 0.2% with respect to September 2018 (down from +0.5%); the flash estimate was +0.3%. The increase on monthly basis was mainly due to the end of summer sales of Clothing and footwear (+32.6% compared with August 2019), which are not taken into account in the national index NIC.