Consumer prices

In May 2021 the rate of change of Italian consumer price index for the whole nation (NIC) was null compared with the previous month and +1.3% on annual basis (from +1.1% in April), confirming the flash estimate.

The speed-up of all-item index was mainly due to the prices of energy products (from +9.8% in April to +13.8%), in particular to the prices of non-regulated component (from +6.6% to +12.6%), being wide but stable (+16.8% as in April) the growth of those of regulated energy products. This dynamics was only partially offset by the zeroing of the growth of prices of services related to recreation, including repair and personal care (+ 0.7% in April).

Both core inflation (excluding energy and unprocessed food) and inflation excluding energy were +0.2% (down from +0.3% in the previous month).

The zero increase on monthly basis was due to opposite dynamics and specifically that of the prices of non-regulated energy products (+1.1%) and of unprocessed food (+1,0%) whose growth was offset by the decrease of prices of services related to recreation, including repair and personal care (-0.8%).

Prices of grocery and unprocessed food increased by 0.2% on monthly basis and decreased by 0.9% on annual basis (from -0.7% in the previous month).

In May 2021 the rate of change of the Italian harmonized index of consumer prices (HICP) was -0,1% on monthly basis and +1.2% on annual basis (from +1.0% in April); the flash estimate was +1.3%.

On pages 11-12 the methodological note describes the choices adopted to deal with the ongoing issues deriving from Covid-19 crisis.