Consumer prices

In December 2019 the Italian consumer price index for the whole nation (NIC) increased by 0.2% on monthly basis and by 0.5% with respect to December 2018 (from +0.2%), confirming the flash estimate.

In 2019, the average annual rate of change of consumer prices, measured by NIC, was +0.6 (+1.2% in 2018); core inflation, excluding energy and unprocessed food, was +0.5% (+0.7% in 2018).

In December the acceleration of the growth on annual basis of All items index was mainly due to prices of Non-regulated energy products (from -3.0% to +1.6%).

The core inflation (excluding energy and unprocessed food) was +0.6% and inflation excluding energy was +0.7% (respectively from +0.7% and +0.8% as in the previous month).

The growth on monthly basis was mainly due to the increases of prices of Services related to transport (+0.9%), of Unprocessed food (+0.6%), of Non-regulated energy products and of Services related to recreation, including repair and personal care (+0.4% for both); the price of Processed food (including alcohol and tobacco) decreased by -0.5%.

The annual rate of change of prices of Goods was zero (from -0.4%) and that one of prices of Services was +1.0% (the same as in the previous month). As a consequence, the inflationary gap between Services and Goods was +1.0 percentage points (it was +1.4).

Prices of Grocery and unprocessed food were stable on monthly basis and increased by 0.6% on annual basis (slightly up from +0.5% in the previous month).

In December 2019, the Italian harmonized index of consumer prices (HICP) increased by 0.2% compared with the previous month and by 0.5% with respect to December 2018 (up from +0.2%), confirming the flash estimate. In 2019 the average annual rate of change of HICP was +0.6% (+1.2% in 2018).

On average, in 2019, inflation measured by HICP was slight lower for households with less purchasing power (+0.6%, from +1.5%) than for households with greater purchasing power (+0.7%, from +1.1%).