Consumer prices - November 2022

In November 2022 the rate of change of the Italian consumer price index for the whole nation (NIC) was +0.5% on monthly basis and +11.8% on annual basis (the same as in October), confirming the flash estimate.

The stable growth on annual basis of All-item index was due to the offset of opposite dynamics: on the one hand, the prices of Non-regulated energy products (from +79.4% in October to +69.9%) slowed down, together with the prices of Unprocessed food (from +12.9% to +11.4%) and of Services related to transport (from +7.2% to +6.8%). On the other hand, the prices of Regulated energy products (from +51.6% to +57.9%), of Processed food including alcohol (from +13.3% to +14.3%), of Non-energy industrial goods (from +4.6% to +5.0%) and of Services related to recreation, including repair and personal care (from +5.2% to +5.5%), sped-up.

Therefore, core inflation (excluding energy and unprocessed food) was +5.6% (up from +5.3% in the previous month) and inflation excluding energy was +6.1% (up from +5.9% in October).

The annual rate of change of prices of Goods was +17.5% (from +17.6% in the previous month) and that of prices of Services was +3.8% (the same as in October). As a consequence, the negative inflationary gap between Services and Goods slightly decreased (from -13.8 percentage points in October to -13.7).

Prices of Grocery and unprocessed food increased by 0.9% on monthly basis and by 12.7% on annual basis (up from +12.6% in the previous month).

The increase on monthly basis of NIC was mainly due to the prices of Regulated energy products (+4.2%) and Non-regulated energy products (+2.2%), of Processed food (+1.5%) and of Non-durable goods (+0.6%); the prices of Services related to recreation, including repair and personal care (-0.4%) and of Services related to transport (-0.2%), decreased mainly for seasonal factors.

In November 2022 the Italian harmonised index of consumer prices (HICP) increased by 0.7% on monthly basis and by 12.6% on annual basis (the same as the previous month); the flash estimate was +12.5%.