Consumer prices (provisional data) - June 2023

According to preliminary estimates, in June 2023 the rate of change of the Italian consumer price index for the whole nation (NIC) was null compared with the previous month and +6.4% on annual basis (from +7.6% in May).

The slow down of the annual inflation rate was mainly due to the prices of Non-regulated energy products (from +20.3% to +8.4%) and, to a lesser extent, of Processed food including alcohol (from +13.2% to +11.9%), of Services related to transport (from +5.6% to +3.8%), of Non energy industrial goods (from +5.0% to +4.8%) and of Services related to recreation, including repair and personal care (from +6.7% to +6.5%). At the opposite, an upward contribution to the inflation rate came from the prices of Unprocessed food (from +8.8% to +9.6%).

The core inflation (All-items excluding energy and unprocessed food) was +5.6% (down from +6.0% in May) and the All-items index excluding energy was +5.8% (from +6.2% in the previous month).

As for Goods, the year on year growth rate was +7.6% (down from +9.3% in May) while for Services the annual rate of change was +4.3% (from +4.6% in the previous month). As a consequence, the negative inflationary gap between Services and Goods decreases in absolute value (from -4.7 percentage points in May to -3.3).

Prices of Grocery and unprocessed food increased by +0.6% on monthly basis and by 10.7% on annual basis (down from +11.2% in the previous month).

The zero increase on monthly basis was due to the prices of Unprocessed food, of Services related to recreation, including repair and personal care (+1.0% both), of Processed food including alcohol (+0.5%) and of Services related to transport (+0.3%) whose growth was offset by the decrease of prices of Non-regulated energy products (-4.5%).

In June 2023, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 0.1% on monthly basis and by 6.7% on annual basis (from +8.0% in the previous month).