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Press release

Consumer prices (provisional data) - January 2022

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According to preliminary estimates, in January 2022 the Italian consumer price index for the whole nation (NIC) increased by 1.6% on monthly basis and by 4.8% on annual basis (from +3.9% in the previous month).

The speed-up of the growth on annual basis of All-item index was mainly due to the prices of Energy (from +29.1% in December to +38.6%), especially of those of Regulated energy products (from +41.9% to +93.5%). Moreover, even if to a lesser extent, also prices of Non-regulated energy products (from +22.0% to +23.1%), of Unprocessed food (from +3.6% to +5.4%), of Processed food including alcohol (from +2.0% to +2.4%) and of Services related to recreation, including repair and personal care (from +2.3% to +3.5%) contributed to the speed-up. Quite the opposite, the prices of Services related to transport slowed down (from +3.6% to +1.4%).

Core inflation (excluding energy and unprocessed food) was +1.5% (the same as in the previous month) and inflation excluding energy was +1.8% (up from +1.6% in December).

The increase on monthly basis was mainly due to prices of Regulated energy products (+42.9%) and, to a lesser extent, to those of Non-regulated energy products (+3.2%), of Unprocessed food (+2.1%), of Processed food including alcohol (+1.4%), of Durable goods (+1.0%) and of Services related to recreation, including repair and personal care (+0.9%). Only prices of Services related to transport recorded a decrease (-1.6%), mainly due to seasonal factors.

The annual rate of change of prices of Goods was +7.1% (from +5.5% in December) and that of prices of Services was +1.7% (the same as in the previous month). As a consequence, the inflationary gap between Services and Goods was still negative and equal to -5.4 percentage points (from -3.8 in December).

Prices of Grocery and unprocessed food increased by 1.5% on monthly basis and by 3.2% on annual basis (up from +2.4% in the previous month).

In January 2022, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 0.2% on monthly basis and by 5.3% on annual basis (from +4.2% in December). The different dynamics on monthly basis between HICP and NIC was due to the winter sales (not considered by NIC): indeed the prices of Clothing and footwear decreased by 19.1% with respect to December.

Reference period: January 2022

Date of Issue: 02 February 2022

Next release: 22 February 2022

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