Consumer prices

In January 2020 the Italian consumer price index for the whole nation (NIC) increased by 0.1% on monthly basis and by 0.5% with respect to January 2019 (the same as in the previous month). The flash estimate was +0.6%.

The stability of the growth on annual basis of All items index was due to opposite dynamics: on one hand to the speed-up of prices of Non-regulated energy products (from +1.6% to +3.2%) and of Services related to transport (from +1.1% to +2.9%); on the other hand to the widening of the decrease of prices of Regulated energy products (from -7.8% to -9.6%) and to the slowdown of prices of Services related to recreation, including repair and personal care (from +1.3% to +0.9%).

Both core inflation (excluding energy and unprocessed food) and inflation excluding energy were +0.8% (respectively from +0.6% and +0.7%).

The growth on monthly basis was mainly due to the increase of prices of Processed food including alcohol (+1.0%) and of Unprocessed food (+0.8%), partially offset by the decrease of prices of Regulated energy products (-0.4%) and of Services related to recreation, including repair and personal care (-0.5%).

The annual rate of change of prices of Goods was +0.1% (from zero) 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 still positive and equal +0.9 percentage points (+1.0 in December).

Prices of Grocery and unprocessed food increased by +0.9% on monthly basis and +0.6% on annual basis (the same as in the previous month).

In January 2020 the Italian harmonized index of consumer prices (HICP) decreased by 1.8% on monthly basis, due to the winter sales mainly of Clothing and footwear (-22.7% compared with December 2019), which are not taken into account in the national index NIC. The HICP increased by +0.4% with respect to January 2019 (from +0.5% in the previous month). The flash estimate was +0.5%.