Consumer prices

In April 2020 the rate of change of Italian consumer price index for the whole nation (NIC) was +0.1% on monthly basis and zero with respect to April 2019 (from +0.1% in the previous month), confirming the flash estimate.

The slowdown of the growth on annual basis of All items index was mainly due to the widening of the decrease of prices of Regulated energy products (from -9.4% to -14.1%) and of Non-regulated energy products (from -2.7% to -7.6%); these dynamics were partially offset by the speed-up of prices of Food including alcohol (from +1.1% to +2.7%), driven by those of Unprocessed food (+4,3%), and, to a lesser extent, by the lower decrease of Services related to communication (from -2.6% to -1.3%).

Core inflation (excluding energy and unprocessed food) was +0.8% and inflation excluding energy was +1.0% (up from +0.7% for both).

Prices of Grocery and unprocessed food increased by 1.1% on monthly basis and by 2.5% on annual basis (up from +1.0% in the previous month).

In April 2020 the Italian harmonized index of consumer prices (HICP) ) increased by 0.5% on monthly basis and by +0.1% on annual basis (the same as in the previous month), confirming the flash estimate.

The estimates of NIC and HICP have been compiled in the context of the spread in Italy of the Covid-19 crisis and the confirmation of the interruption of many retail trade activities supplying goods and services together with the measures to limit the movement of people and to keep social distancing to contrast the pandemic. The structure of Italian consumer price survey, based on the use of multiple sources to collect data, has allowed to contain the effects of the higher amount of missing observations. On pages 12-13 the methodological note describes the context and the choices adopted to deal with the issues emerged