Consumer prices

In February 2020 the Italian consumer price index for the whole nation (NIC) decreased by 0.1% on monthly basis and increased by 0.3% with respect to February 2019 (was +0.5% in the previous month). The flash estimate was +0.4%.

The slowdown of the growth on annual basis of All items index was mainly due to the deceleration of prices of Non-regulated energy products (from +3.2% to +1.2%), of Services related to transport (from +2.6% to +1.5%) and, to a lesser extent, of Tobacco (from +2.9% to 1.5%) and Unprocessed food (from +0.8% to +0.1%); these dynamics were offset, to a minimum extent, by the lower decrease of Services related to communication (from -5.2% to -2.8%).

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

The decrease on monthly basis was mainly due to the decrease of prices of Non-regulated energy products (-1.4%) and of Services related to transport (-0.8%), only partially offset by the increase of prices of Unprocessed food (+0.6%).

The annual rate of change of prices of Goods was -0.3% (from +0.1% in January 2020) 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 +1.3 percentage points (+0.9 in January).

Prices of Grocery and unprocessed food was zero variation on monthly basis and increased +0.3% on annual basis (down +0.6% in the previous month).

Prices of Grocery and unprocessed food were stable on monthly basis and increased by 0.3% on annual basis (down from +0.6% in the previous month).

In February 2020 the Italian harmonized index of consumer prices (HICP) decreased by 0.5% on monthly basis, mainly due to the winter sales of Clothing and footwear (-5.2% compared with January), which are not taken into account in the national index NIC. The HICP increased by +0.2% with respect to February 2019 (from +0.4% in the previous month). The flash estimate was +0.3%.