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Press release

Consumer prices (provisional data) - October 2023

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According to preliminary estimates, in October 2023 the rate of change of the Italian consumer price index for the whole nation (NIC) was -0.1% on monthly basis and +1.8% on annual basis (from +5.3% in September).

The slowdown of the annual inflation rate was due to the prices of non-regulated energy products (from +7.6% to -17.7%), of regulated energy products (from -27.9% to -32.7%) and, to a lesser extent, of unprocessed food (from +7.7% to +5.0%) and of processed food including alcohol (from +8.9% to +7.4%). At the opposite, an upward contribution to the inflation rate came from the prices of services related to housing (from +3.7% to +4.0%) and of services related to transport (from +3.8% to +4.0%).

The core inflation (all-items excluding energy and unprocessed food) was +4.2% (down from +4.6 % in September) and the all-items index excluding energy was +4.2% (from +4.8% in the previous month).

As for goods, the year on year growth rate was +0.1% (down from +6.0% in September) while for services the annual rate of change remains stable at +4.1%. As a consequence, the inflationary gap between services and goods becomes positive in absolute value (from to -1.9 percentage points in September to +4.0).

Prices of grocery and unprocessed food increased by 0.1% on monthly basis and and by +6.3% on annual basis (down from +8.1% in the previous month).

The month on month decrease of NIC was mainly due to the prices of non-regulated energy products (-1.9%), of services related to recreation, including repair and personal care (-0.9%) and of services related to transport (-0.6%). At the same time, the prices of regulated energy products (+12.0%) and services related to housing (+0.4%) have increased.

In October 2023, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased by 0.2% on monthly basis and by 1.9% on annual basis (down from +5.6% in the previous month).

Reference period: October 2023

Date of Issue: 31 October 2023

Next release: 15 November 2023



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