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).