Consumer prices (provisional data) - November 2023

According to preliminary estimates, in November 2023 the rate of change of the Italian consumer price index for the whole nation (NIC) was -0.4% on monthly basis and +0.8% on annual basis (from +1.7% in October).

The slow down of the annual inflation rate was due to the prices of Non-regulated energy products (from -17.7% to -22.5%), of Regulated energy products (from -31.7% to -36.0%) and, to a lesser extent, of Processed food including alcohol (from +7.3% to +6.3%), of Services related to recreation, including repair and personal care (from +5.5% to +4.6%) and of Services related to transport (from +4.0% to +3.5%). At the opposite, an upward contribution to the inflation rate came from the prices of Unprocessed food (from +4.9% to +5.8%).

The core inflation (All-items excluding energy and unprocessed food) was +3.6% (down from +4.2 % in October) and the All-items index excluding energy was +3.7% (from +4.2% in the previous month).

As for Goods, the year on year growth rate was -1.3% (down from zero in October) while for Services the annual rate of change was +3.7 (down from +4.1%). As a consequence, the inflationary gap between Services and Goods increased in absolute value (from +4.1 percentage points in October to +5.0).

Prices of Grocery and unprocessed food increased by 0.6% on monthly basis and by +5.8% on annual basis (down from +6.1% in the previous month).

The month on month decrease of NIC was mainly due to the prices of Non-regulated energy products (-3.8%), of Regulated energy products (-2.4%), of Services related to recreation, including repair and personal care (-1.3%) and of Services related to transport (-0.7%). At the same time, the prices of Unprocessed food (+0.9%) and Processed food including alcohol (+0.6%) have increased.

In November 2023, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) decreased by 0.4% on monthly basis and increased by 0.7% on annual basis (down from +1.8% in the previous month).